Regulating To Reduce Merchant Service Fees
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Regulating To Reduce Merchant Service Fees
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Author :
language : en
Publisher:
Release Date : 2020
Regulating To Reduce Merchant Service Fees written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Banks and banking categories.
"Merchant service fees are charged to merchants by their bank for accepting some types of card payments. Scheme (MasterCard and Visa) credit card transactions, and contactless and online scheme debit card transactions, cost merchants more to accept than swiped or inserted debit card transactions. These higher cost payment methods have been growing as a share of transactions in New Zealand. Domestic EFTPOS provides price competition for some scheme debit products, but its use is declining... Merchant service fees, including interchange fees (which usually are the main component of merchant service fees), are unregulated in New Zealand. Over the years a complex pricing system has evolved, with multiple fees depending on the product and merchant. Other than for debit cards (swiped or inserted), weighted average merchant service fees are high relative to international comparisons. This remains the case even after changes by the schemes and participating banks to restructure their merchant service fees and increase transparency to provide better deals"--Executive summary.
Interchange Fee Economics
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Author : Jakub Górka
language : en
Publisher: Springer
Release Date : 2018-11-29
Interchange Fee Economics written by Jakub Górka and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-29 with Business & Economics categories.
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.
The Effect Of Regulatory Intervention In Two Sided Markets
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Author : Howard H. Chang
language : en
Publisher:
Release Date : 2006
The Effect Of Regulatory Intervention In Two Sided Markets written by Howard H. Chang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
The Reserve Bank of Australia reduced interchange fees by almost half thereby eliminating a significant source of revenue to issuers of credit cards. The purpose of this intervention was to align the prices of using various payment instruments with their social costs and thus reduce the use of cards, which the RBA viewed as a socially less efficient payment method than cash, checks, and PIN debit cards. The short-run result of this regulatory intervention has been the following: (1) Bank issuers have increased the fixed prices for cards and thereby recovered between 30 and 40 percent of the loss of interchange fee revenue; this fraction is likely to increase over time as cards renew and new solicitations go out. Bank issuers have not changed the per-transaction fees for cards much. (2) Merchants experienced a very small reduction in their costs. Both theory and limited empirical evidence suggest that the highly concentrated merchant sector in Australia has captured the reduction in interchange fees as profits and has not passed it on in the form of lower consumer prices. (3) The per-transaction price at the point of sale has not changed significantly. Merchants have not generally availed themselves of their right to surcharge card transactions and the per-transaction price faced by consumers from their card issuers has not changed much. Holding the number of cards fixed, the regulatory intervention has not altered prices in a way that could achieve the intent of the intervention. (4) There is relatively little evidence thus far that the intervention has in fact affected the volume of card transactions in Australia as intended by the regulation. (5) In the short-run, the effect of the regulation has been to transfer significant profits to the Australian merchant sector with that transfer being borne partly by bank issuers and partly by cardholders. (6) Since proprietary systems such as American Express were not subject to the pricing regulations and since American Express can enter into deals with banks to issue cards, banks have shifted volume from the regulated association systems to the unregulated proprietary systems.
The Economics Of Payment Card Interchange Fees And The Limits Of Regulation
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Author : Todd J. Zywicki
language : en
Publisher:
Release Date : 2014
The Economics Of Payment Card Interchange Fees And The Limits Of Regulation written by Todd J. Zywicki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Fresh off of the most substantial national liquidity crisis of the last generation and the enactment of sweeping credit card regulation in the form of the Credit CARD Act, Congress continues to deliberate, with a continuing drumbeat of support from lobbyists, a set of new regulations for credit card companies. These proposals, offered in the name of consumer protection, seek to constrain the setting of “interchange fees” - transaction charges integral to payment card systems - through a range of proposed political interventions. This article identifies both the theoretical and actual failings of such regulation. Payment cards are a secure, inexpensive, welfare-increasing payment mechanism largely unlike any other in history. Rather than increasing consumer welfare in any meaningful sense, interchange fee legislation represents an attempt by some merchants to shift costs away from their businesses and onto card issuing banks and cardholders. In particular, bank-issued credit cards offer a dramatic improvement in the efficiency and availability of consumer credit by shifting credit risk from merchants onto banks in exchange for the cost of the interchange fee - currently averaging less than 2% of purchase value. Merchants' efforts to cabin these fees would harm not only consumers but also the merchants themselves as commerce would depend more heavily on less-efficient paper-based payment systems. The consequence of interchange fee legislation, as Australia's experiment with such regulation demonstrates, would be reduced access to credit, higher interest rates for consumers, and the return of the much-loathed annual fee for credit cards. Interchange fee regulation threatens to constrain credit for consumers and small businesses as the American economy begins to convalesce from a serious “credit crunch,” and should be accordingly rejected.
Paying With Plastic Second Edition
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Author : David S. Evans
language : en
Publisher: MIT Press
Release Date : 2004-12-17
Paying With Plastic Second Edition written by David S. Evans and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-12-17 with Business & Economics categories.
The definitive account of the trillion-dollar payment card industry. The payment card business has evolved from its inception in the 1950s as a way to handle payment for expense-account lunches (the Diners Club card) into today's complex, sprawling industry that drives trillions of dollars in transaction volume each year. Paying with Plastic is the definitive source on an industry that has revolutionized the way we borrow and spend. More than a history book, Paying with Plastic delivers an entertaining discussion of the impact of an industry that epitomizes the notion of two-sided markets: those in which two or more customer groups receive value only if all sides are actively engaged. New to this second edition, the two-sided market discussion provides useful insight into the implications of these market dynamics for cardholder rewards, merchant interchange fees, and card acceptance. The authors, both of whom have researched the industry for more than 25 years, also examine the implications of the recent antitrust cases on the industry as well as other business and technological changes—including the massive consolidation brought about by bank mergers, the rise of the debit card, and the emergence of e-commerce—that could alter the payment card industry dramatically in the years to come.
Modern Economic Regulation
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Author : Christopher Decker
language : en
Publisher: Cambridge University Press
Release Date : 2023-05-31
Modern Economic Regulation written by Christopher Decker and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-31 with Business & Economics categories.
Brings economic regulation to life by tracing theoretical insights through to real-world applications in eight essential regulated sectors.
Disrupting Finance
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Author : Theo Lynn
language : en
Publisher: Springer
Release Date : 2018-12-06
Disrupting Finance written by Theo Lynn and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-06 with Business & Economics categories.
This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.
Economic Principles
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Author : Joshua Gans
language : en
Publisher:
Release Date : 2012
Economic Principles written by Joshua Gans and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Economics categories.
This is a Cengage Learning custom solution, designed specifically to meet the needs of economics students. Economic Principles has been designed by Stephanie Rossouw and Tim Maloney at Auckland University of Technology. It contains material from the leading Cengage Learning textbooks.
Antitrust Law Journal
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Author :
language : en
Publisher:
Release Date : 1986
Antitrust Law Journal written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Energy policy categories.
Fintech And Payments Regulation Analytical Framework
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Author : Mr.Tanai Khiaonarong
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Fintech And Payments Regulation Analytical Framework written by Mr.Tanai Khiaonarong and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.