Payments will become faster, more efficient and will offer consumers more options as the industry evolves, Sandra Pianalto, president and CEO of the Federal Reserve Bank of Cleveland, told an audience at the Federal Reserve Bank of Chicago’s payments conference Monday.
Despite all of the advancements in various payments systems, cash is still the fasted method, Pianalto said. “That might surprise you, but consider this: When cash is tendered for a purchase at retail point-of-sale, it is immediate and certain. The....