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Interchange Fee Economics

To Regulate or Not to Regulate?

By (author) Jakub Gorka
Format: Hardback
Publisher: Springer Nature Switzerland AG, Cham, Switzerland
Published: 10th Dec 2018
Dimensions: w 148mm h 210mm d 13mm
Weight: 393g
ISBN-10: 3030030407
ISBN-13: 9783030030407
Barcode No: 9783030030407
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Synopsis
Interchange fees have been the focal point for debate in the card industry, among competition authorities and policy makers, as well as in the economic literature on two-sided markets and on the regulation of market failures. This book offers insight into the economics of interchange fees. First, it explains the nature of two-sided markets/platforms/networks and elaborates on four-party schemes and on the rationale behind interchange fees according to Baxter's model and its later refinements. It also includes the debate about the optimum level of interchange fees and its determination ("tourist test"), and presents the original framework for assessing the impact of interchange fee regulatory reductions for the market participants: consumers, merchants, acquirers, issuers, and card organisations. The framework addresses three areas of concern in reference to the transmission channels of interchange fee reductions (pass-through) and the card scheme domain (triangle: payment organisation, issuer, acquirer). The book discusses the effects of regulatory interchange fee reductions in Australia, USA, Spain, and, most specifically, Poland. It will be of interest to policy makers, card and payments industry practitioners, academics, and students.

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"This book is a must-read for regulators, academics and market participants." (Central Bank Payments News, Vol. 2 (5), May, 2019)
"I would recommend this book to anyone with an interest in the issues surrounding interchange fees within payment schemes, especially those involved in impact assessments of interchange fee regulations." (Harry Leinonen, Journal of Payments Strategy & Systems, Vol. 13 (2), 2019)