The Economics of Payment Cards

Marc Rysman and Julian Wright

Review of Network Economics, 2014, vol. 13, issue 3, 303-353

Abstract: This paper surveys the economics literature on payment cards, focusing on the role of interchange fees, merchant internalization, surcharging and two-sided markets. The paper aims to integrate a wide range of theoretical papers with the relevant empirical research and important policy questions. We address not only the accomplishments of the research so far, but also the most important limitations in the existing theory and gaps where future research should be directed. Drawing on the insights developed, we provide a detailed evaluation of different policy options.

Keywords: interchange fees; payment cards; two-sided markets (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (17)

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DOI: 10.1515/rne-2015-0005

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