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  • 标题:To surcharge or not to surcharge? A two-sided market perspective of the no-surchage rule
  • 本地全文:下载
  • 作者:Nicholas Economides ; David Henriques
  • 期刊名称:Euro Area Balance of Payments and International Investment Position Statistics
  • 印刷版ISSN:1830-3420
  • 电子版ISSN:1830-3439
  • 出版年度:2011
  • 出版社:European Central Bank
  • 摘要:In Electronic Payment Networks (EPNs) the No-Surcharge Rule (NSR) requires that merchants charge the same …nal good price regardless of the means of payment chosen by the customer. In this paper, we analyze a three-party model (consumers, merchants, and proprietary EPNs) to assess the impact of a NSR on the electronic payments system, in particular, on competition among EPNs, network pricing to merchants and consumers, EPNs’pro…ts, and social welfare. We show that imposing a NSR has a number of e¤ects. First, it softens competition among EPNs and rebalances the fee structure in favor of cardholders and to the detriment of merchants. Second, we show that the NSR is a pro…table strategy for EPNs if and only if the network e¤ect from merchants to cardholders is su¢ ciently weak. Third, the NSR is socially (un)desirable if the network externalities from merchants to cardholders are su¢ ciently weak (strong) and the merchants’market power in the goods market is su¢ ciently high (low). Our policy advice is that regulators should decide on whether the NSR is appropriate on a market-by-market basis instead of imposing a uniform regulation for all markets.
  • 关键词:Electronic Payment System; Market Power; Network Externalities; No-;Surcharge Rule; Regulation; Two-sided Markets; MasterCard; Visa; American Express;Discover.
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