Some Federal Reserve economists are pouring intellectual cold water on smart cards.

They are not contradicting the central bank's light regulatory touch on stored-value cards and other emerging forms of electronic money. These are products of financial innovation, Fed Chairman Alan Greenspan has said, and "we must be careful not to impose rules that inhibit it."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.