p competition and innovation in the consumer e payments market considering demand supply public policy issues brian mantel federal reserve bank of chicago timothy mchugh emerging occasional working paper series december 2001 eps 4 is program manager tim a research analyst studies department at this an earlier benefited from comments participants financial services technology consortium s 1999 meeting university michigan electronic symposium seminar faulkner gray 2000 cardtech securtech conference thanks to bob chakravorti ed green ann spiotto victor stango kristin stanton for helpful special discussions on contestability models portions patricia rozaklis support as intern views presented are those authors alone do not necessarily represent