2024-02-10-国际清算银行-支付市场中的交换费_接入定价和次级收购方_24页_751kb

Summary of "Interchange fees, access pricing and sub-acquirers in payment markets"

Background

Sub-acquirers (payment facilitators) help merchants accept digital payments, particularly in developing countries, by providing easier and cheaper access through acquirers. This paper models competition between acquirers and sub-acquirers in payment systems.

Key Findings

• Competition in Downstream Markets: Acquirers may deter sub-acquirer entry by setting high access fees due to market power. Regulators can promote socially desirable entry by setting appropriate access fees, such as under the efficient cost pricing rule.
• Entry to Niche Markets: Sub-acquirers entering uncovered markets (e.g., micro and small businesses) increase welfare by expanding card acceptance, as acquirers gain extra profits and consumers benefit.
• Regulatory Role: Access pricing rules like the first-best rule or ECPR can enhance welfare and address foreclosure issues in payment networks.
• Overall: Sub-acquirers improve payment efficiency, but competition and regulation are crucial to prevent anti-competitive behavior.

Conclusions

The paper highlights that payment systems with sub-acquirers need careful access pricing to balance competition and welfare, with insights applicable to other network industries.