engleski

Interchange Fee Regulation – Step Forward Without Clear Outcome

All over the world, the card payment system constitutes an important part of the overall retail payment system. Although since its beginnings it has developed without regulatory price limitations, it seems that an increasing number of countries are now considering whether there is a need and justification for limiting at least some of them. Indeed, Australia, the US and the European Union have already started the process by imposing an interchange fee cap in the four-party card payment systems. Unfortunately, so far participants in the card payment system, regulatory institutions and part of academia have not reached a consensus about the need for, effectiveness and sustainability of these measures. This paper attempts to point to the complexity of two-sided markets, pricing mechanisms, as well as the distribution of costs in the card payment system in order to contribute to the creation of a widely-acceptable and sustainable card payment system regulatory model.

Interchange Fee; Regulation; Credit cards

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