An Economic Analysis of the Determination of Interchange Fees in Payment Card Systems

Jean-Charles mname Rochet · Jean Tirole Z

105 citations0/0 files storedReview of Network Economics

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Digital Platforms and Economics Banking stability, regulation, efficiency Merger and Competition Analysis

Abstract

The paper investigates, in a non-technical fashion, the economic determinants of interchange fees in payment card systems and the potential need for their regulation. Among other things, it demonstrates that the proposal for a cost-based regulation of interchange fees relies on an erroneous, vertically organized, model of the payment card industry.

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References

2003Platform Competition in Two-Sided Markets 2006Competition in two-sided markets 2002Cooperation among Competitors: Some Economics of Payment Card Associations 2004The Determinants of Optimal Interchange Fees in Payment Systems 2002The Antitrust Economics of Two-Sided Markets 2007COMPETING PAYMENT SCHEMES*2003The Neutrality of Interchange Fees in Payment Systems

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2011Why Do Payment Card Networks Charge Proportional Fees?2009INTERCHANGE FEES IN PAYMENT CARD SYSTEMS: A SURVEY OF THE LITERATURE 2005Interchange Fees in Various Countries: Developments and Determinants 2013Pricing Payment Cards 2020Natural Monopolies in Digital Platform Markets 2005The media and advertising: a table of two-sided markets 2018Creating Value from the Outside In or the Inside Out: How Nascent Intermediaries Build Peer-to-Peer Marketplaces

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