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 paper-base paper-base 100 90 80 70 60 50 40 30 20 10 0 Mexico 2001 2004 100 90 80 70 60 50 40 30 20 10 0 Natherlands 1995 1999 2003 100 90 80 70 60 50 40 30 20 10 0 Spain 1994 1998 2002 GDP Sweden UK USA pp.159 100 90 80 70 60 50 40 30 20 10 0 1995 1999 2003 100 90 80 70 60 50 40 30 20 10 0 1995 1999 2003 100 90 80 70 60 50 40 30 20 10 0 1995 2000 2003 Debit Card Credit Card Check Other
Garcia Swartz2004 HP Share of Sales Volae 100 80 60 40 20 0 5 10 10 20 20 40 40 60 60 80 80 100 100 500 500 Other Debit Card Credit Card Check Cash Transaction Size pp 677678 2)
default Two-sided MarketsTSM ATM 3) Two-sidedMarkets TSM platform Platform 4) TSM TSM side i-mode
OS TSM Evans 2005 Evans Evans Open Closed 5) closedproprietary T&E JCB
open 3party VISA 6) Calfornia pays p+f System pays p m (f : customer fee) (m: merchant discount) National BankAmerica, NBI VISA Cardholder sells a good or service Merchant MC Open openvisamc 4party TSM Merchant Bank AcquirerIssuer default Platform Platform A I VISAMC Interchange Fee I Interchange Fee 4party Honor-all-card No-Surcharge Issuer Acquirer Closed 3party proprietary pays p+f (f: customer fee) pays pa (a: interchange fee) pays pm (m: merchant discount) TSM Cardholder sells a good or service at price p Merchant
Interchange FeeIF IF Open IF IF IF Issuer Merchant s BankAcquirer Merchant BankAcquirer IF Merchant BankAcquirer Issuer IF IF IF IF IF Mm Cf I Merchant BankA IF IF IF IF IF NaBanco Nabannco Visa IF IF Wal-Mart Wal-Mart Visa MC Anti trust Debit Credit Honor-allcards rule RBA IF IF EC Visa IF IF
Interchange Fee f Open IF I A IFa A I IF A I IFaA I IF f m Interchange Fee Multihome IF f m IF Credit card bm not used (socially c I+cA inefficient) ca Credit card not used (socially efficient) c I Credit card used (socially efficient) Credit card not used (socially inefficient) c I+cA b C p bc f bmmissuer ciacquier cainterchange FeeIFa bcbm cica bcbmcica
bc cibm ca bccibm ca bc cibmca Closed Loop Issuer Acquier bcbm cicabccibm ca bcf f cica bm bm f cicabccica Open Loop Interchange FeeIF f bc I A IFa A m caa IF I a cif m caacacif bcf bm m bm cacibc IF I A IF GansKing p s f ci m ca s s f bc bmm s bmm s bmm s f bc f ci m ca bmca cibc IF Baxter IF Gans and King IF Rochet and Tirole Schmalensee
Wright Interchange Fee NaBanco IF NaBanco IF I Visa IF Scherman IF TSM IF 7) IF IF m IF 8) IF IF I A IF IF Open Closed Closed 9) RBA RBA RBA VisaMasterCardBankcard RBA report Surcharge IF RBA IF IF IF IF HayashiIF IF Hayashi IF
IF Hayashi2006 IF 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 Before Regulation After Regulation Current IF IF 0.00 Australia EU UK USA IF IF IF Hayashi2006 Review of Network Economics IF 1.00 Master Card (offline) 0.80 Visa (offline) Star (online) 0.60 NYCE (online) Pulse (online) Interlink (online) 0.40 Maestro (online) Accel/Exchange (online) 0.20 Shazam (online) Networks (online) 0.00 1999 2000 2001 2002 2003 2004 IF IF 20052 1) 2) http://www.jccia.or.jp/ 3) 200534Two-sided market 4) Evans [2003] a, Evans [2003] b 5) Evans and Schmalensee [2005] a 6) 2003VISA 7) Evans and Schmalensee [2005] b 8) RBA http://www.rba. gov.au/ 9) Chang and Evans [2005]
VISA UFJ UFJUC DC JCB SAISON OMC AEON TOP NICOS ORICOJACCS LIFE CF JR NTT VISAMasterCard AMEX
IC IC CAT http://www.jccia.or.jp/ 2003 IC 20052 2004 20052005J16 2003VISA Baxter, William F.1983. Bank Exchange of Transactional Paper : Legal and Economic Perspectives, Journal of Law and Economics, vol.26, no.3 (October), pp.541588. Caillaud, Bernard, and Bruno Jullien. 2003. Chicken and Egg : Competition among Intermediation Service Providers, Rand Journal of Economics, vol.34, no.2 (Summer), pp.521552. Chakravorti, Sujit. 2003. Theory of Credit Card Networks : A Survey of the Literature, Review of Network Economics, vol.2. Chakravorti, Sujit, and William R. Emmons. 2003. Who Pays for Credit Cards? Journal of Consumer Affairs, vol.37, no.2. 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. Evans, David S. 2003a. Some Empirical Aspects of Multi-Sided Platform Industries, Review of Network Economics, vol.2.. 2003b. The Antitrust Economics of Multi-Sided Platform Markets, Yale Journal on Regulation, vol.20, no.2. Evans, David S., and Richard Schmalensee. 2005a. Paying with Plastic, Cambridge, Massachusetts : MIT Press., and. 2005b. Economic of Interchange Fees and Their Regulation : An Overview, mimeo, pp. Gans, Joshua S., and Stephen P. King. 2003a. Approaches to Regulating Interchange Fees in Payment Systems, Review of Network Economics, vol.2, no.2 (June), pp.125145., and. 2003b. A Theoretical Analysis of Credit Card Reform in Australia, Economic Record, v.79, issue. Garcia Swartz, Daniel D., Robert W. Hahn, and Anne Layne-Farrar. 2004. The Economics of a Cashless Society : An Analysis of the Costs and Benefits of Payment Instruments, AEI- Brookings Joint Center for Regulatory Studies, Related Publication. Hayashi, Fumiko. 2006. A Puzzle of Payment Card Pricing : Why Are Merchants Still Accepting Card Payments? Review of Network Economics, Vol.5, pp.144174.. Humphrey, David, Magnus Willesson, Ted Lindblom, and Göran Bergendahl. 2003. What Does it Cost to Make a Payment? Review of Network Economics, vol.2, no.2 (June), pp.159174. Hunt, Robert M. 2003. An Introduction to the Economics of Payment Card Networks, Review of Network Economics, vol.2, no.2. pp.8096. 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/ACCC (2000), Debit and Credit Card Schemes in Australia : A Study of Interchange Fees and Access, RBA : Sydney. Rochet, Jean-Charles. 2003. The Theory of Interchange Fees : A Synthesis of Recent Contributions, Review of Network Economics, vol.2, no.2 (June), pp.97124. Rochet, Jean-Charles, and Jean Tirole. 2002. Cooperation among Competitors : Some Economics of Payment Card Associations, Rand Journal of Economics, vol.33, no.4 (Winter), pp.549570., and. 2003a. An Economic Analysis of the Determination of Inter-
change Fees in Payment Card Systems, Review of Network Economics, vol.2, no.2 (June), pp.6979., and. 2003b. Platform Competition in Two-Sided Markets, Journal of the European Economics Association, vol.1, no 4 (June), pp.9901209. Schmalensee, Richard. 2002. Payment Systems and Interchange Fees, Journal of Industrial Economics, vol.50, no.2 (June), pp.103122.. 2003. Interchange Fees : A Review of the Literature, Payment Card Economics Review, vol.1, no.1 (Winter). 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, 2005. Weiner, Stuart E., and Julian Wright. 2005. Interchange Fees in Various Countries : Developments and Determinants, 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, 2005. Wright, Julian. 2000. An Economic Analysis of a Card Payment Network. Mimeo, NECG and University of Auckland, December.. 2004. One-sided Logic in Two-sided Markets, Review of Network Economics, vol.3, no.1 (March), pp.4464.