RBA RBA TSM 2) RBA Visa MC RBA RBA RBA

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1 RBA No-Surcharge NSR 1) RBA RBA TSM RBA RBA RBAReserve Bank of Australia USA

2 RBA RBA TSM 2) RBA Visa MC RBA RBA RBA

3 3)

4 MSF 4) default

5 ATM Two-sided Markets Two-sidedMarkets Two-sided MarketsTSM 5) Platform TSM 6)

6 TSM Open Closed Closed closed Proprietary Diners Club : DC American ExpressJCB

7 party proprietary TSM pays p+f f: customer fee System pays pm m: merchant discount Cardholder sells a good or service Merchant Open 4party open Visa VCMaster Card : MC Issuer Acquirer party TSM Merchant BankAcquirerIssuer platform default IF

8 pays network fee n I System pays network fee n A cost c I cost c A pays p+f f: customer fee Issuer pays pa a: interchange fee Acquirer pays pm m: merchant discount Cardholder sells a good or service at price F Merchant Interchange Fees : IFs IF Open party IF IFI C IF Merchant BankA AcquireA IF AcquireA IM C

9 7) RBA RBA IF TSM RBA IF TSM ATM ATM ATM

10 point-of-sale charge card American Express Diners Club Visa EFTPOSelectronic funds transfer at point of sale Visa EFTPOS 8) Visa EFTPOS PINPersonal Identification Number 9) EFTPOS IF Direct Direct B Pay EFTPOS

11 No 50 cheque Credit card No EFTPOS Direct credit Direct debit BPay RBA2004 p.2 Visa MasterCard Bankcard American Express charge American Express credit Diners Club RBAACCC2000p.15 VisaMasterCard Bankcard Bankcard MC Visa IF VisaMasterCard No-Surcharge NSR

12 American Express Diners Club IF American Express National Australia Bank, Australia & N.Z. Banking Group, Westpac Banking Corp., and Commonwealth Bank of Australia. 10) 8) 11) RBA Payment System BoardPSB 9)

13 RBA Joint Study Joint Study VisaMCand Bankcard Consultation Document NSR IF Visa MC NSR IF Visa MC RBA PSB PSB 12) Joint Study RBA ACCC 13) Joint Study Visa PIN EFTPOS

14 Cbarge card Bank credit card RBA2001p.22 Cheque Cash Debit card 0.0 RBA2002p.4 EFTPOS

15 AU Credit cards Visa debit EFTPOS Cheques RBA2004p.3 EFTPOS IF EFTPOS Visa EFTPOS EFTPOS EFTPOS EFTPOS

16 Credit cards EFTPOS RBA2005p.13 RBA No-surcharge rulensr NSR

17 Consultation Document2001 RBA Consultation Document p.5859 RBA RBA2002 p.31. RBA RBA2002p.18

18 AU$ Revolvers Transactions Merchants Total Revenues RBA2001p.15 authorization benchmark CARDHOLDER FEES Annual fee - standard cards (AU$) Annual fee - gold cards (AU$) Late payment fee (AU$) Over-limit fee (AU$) MERCHANT FEES () Merchant service fee - Visa, MasterCard, and Bankcard Merchant service fee - American Express Chang 2005p.334

19 No-surcharge rulensr No-surcharge rulensr NSR EFTPOS EFTPOS RBA RBA2001p.116 RBA I. J. Macfarlane

20 Credit cards EFTPOS RBA2005p.4 I. J. Macfarlane [2005], Gresham s Law of Payment, RBA 14) Final Report American Express Diners Club EFTPOS

21 Visa EFTPOS 15) NSR 16) RBA RBA Visa MC Visa MC RBA Bankcard MasterCard Visa Standard Electric RBA2005p.13

22 Real interchange revenue per card Interchange per Card2004 AU Chang 2005p Actual ButFor 2004 PIN EFTPOS PIN MSFs MSF AU 17) IF MSF

23 IF MSF Bps 60 Bps Simon2005p.378 No-surcharge rulensr Cannex Visa [2005], The Impact of the RBA s Regulation of Open Credit Card Schemes RBA RBA2005p.11~12

24 RBA2005p.12 18) Chang 2005 Chang 2005 TSM AU MSF

25 /00:Publication of Joint Study /01: Publication of Consultation Document 08/02: Publication of nosurcharge and interchange standards 10/03:New 1F implemented Year 0 Growth ratereal Purchase Volume Chang 2005p.343. RBA American Express Diners Club American Express Visa MC

26 80 Bankcard, Master Card and Visa American Express and Diners Club RBA2005p.16 RBA

27 RBA RBA PSB RBA TSM RBA TSM 19) TSMUser-Pay RBA Final Report 2002 RBA2002p.34 TSM 20) RBA TSM

28 IF RBA RBA2001 p.119 VisaMCBC AMDC RBA TSM TSM American Express Diners Club MSF

29 MSFs American Express Diners Club Bankcard, Master Card, and Visa M J S D M J S D M J RBA2005p RBA RBA IF RBA RBA 21) RBA

30 22) RBA RBA WeinerWright2005 EU RBABanco de Mexico 23)

31 IF

32 24) WeinerWright ) RBA ) No-Surcharge NSR RBA Honor-all-card HACRHACRVisa Wal-mart 2) RBA 3) WeinerWright2005

33 4) ) TSM i- Mode OS 6) Evans and Schmalensee2005 7) Evans and Schmalensee2005 8) HayashiWeiner2005p.24 9) PIN ID 10) Chang 2005p ) 12) PSB Payment System Board 13) ACCC : Australian Competition and Consumer Commission. 14) Wright2004Chang 2005Vickers ) RBA2005p ) RBA2004p.9RBA2005p ) Chang 2005p ) RBA Simon2005P IF NSR 19) GansKing2003Wright2004 TSM RSB 20) TSM Rochet2003Rochet Tirole ) Ergas2005p ). 23) WeinerWright2005 P ) RBA ATM B-Pay 25) WeinerWright2005P.310

34 Chang, Howard. S. Evans, and Daniel D. Garcia Swartz [2005], The Effect of Regulatory Intervention in Two-Sided Markets : An Assessment of Interchange-Fee Capping in Australia, Review of Network Economics, vol.4, pp Ergas, H. [2005], Panel on Competition Policy in Card-Based Payment Systems : Commentary, Review of Network Economics, vol.4, pp Evans, D S., and R Schmalensee [2005], Economic of Interchange Fees and Their Regulation : An Overview, mimeo, pp.151. Gans, J S., and S P. King [2003], Approaches to Regulating Interchange Fees in Payment Systems, Review of Network Economics, vol.2, no.2 (June), pp Hayashi, F., and S.E. Weiner [2005], Competition and Credit and Debit Card Interchange Fees : A Cross-Country Analysis, Mimeo. RBA [2000], Debit and Credit Card Schemes in Australia : A Study of Interchange Fees and Access, RBA and ACCC : Sydney. RBA [2001], Reform of credit card schemes in Australia : A consultation document, RBA: Sydney. RBA [2002], Reform of credit card schemes in Australia : Final reforms and regulation impact statement, RBA : Sydney. RBA [2004], Payment System Board, Annual Report RBA [2005], Payment System Board, Annual Report Rochet, J-C. [2003], The Theory of Interchange Fees : A Synthesis of Recent Contributions, Review of Network Economics, vol.2, no.2 (June), pp Rochet, J-C., and J. Tirole [2003a], An Economic Analysis of the Determination of Interchange Fees in Payment Card Systems, Review of Network Economics, vol.2, no.2 (June), pp Simon, John [2005], Payment Systems are Different : Sholdn t Their Regulation be too?, Review of Network Economics, vol.4, Vickers, John [2005], Public Policy and the Invisible Price : Competition Law, Regulation, and the Interchange Fee, paper presented at a Conference Interchange Fees in Credit and Debit Card Industries : What Role for Public Authorities? Federal Reserve Bank of Kansas City, Santa Fe, New Mexico, May46, Weiner, S.E., and J. Wright [2005], Interchange Fees in Various Countries : Developments and Determinants, Review of Network Economics, vol.4, pp Wright, J. [2004], One-sided Logic in Two-sided Markets, Review of Network Economics, vol.3, no.1 (March), pp.4464.

WeinerWright 2005 100 90 80 70 60 50 40 30 20 10 0 Australia 1996 2000 100 90 80 70 60 50 40 30 20 10 0 Canada 1995 1999 2003 100 90 80 70 60 50 40 30

1) WeinerWright 2005 100 90 80 70 60 50 40 30 20 10 0 Australia 1996 2000 100 90 80 70 60 50 40 30 20 10 0 Canada 1995 1999 2003 100 90 80 70 60 50 40 30 20 10 0 Denmark 1994 1998 2003 Garcia Swartz Humphrey