Please refer to Jeremy Stein, “Incorporating Financial Stability Considerations into a Monetary Policy Framework”, March 21, 2014.
I do not believe that the market for new retail electronic payment services reflects the existence of market failures that would suggest a need for direct Federal Reserve operational involvement. These products, and the markets in which they operate, appear to be evolving adequately on their own, just as the credit card, debit card, and ATM networks evolved without a Federal Reserve operational presence.