Optimal pricing of payment services

• 成果类型: Article
• 署名作者: Monnet, Cyril; Roberds, William
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.09.007
• 发表日期: 2008
• 页码: 1428-1440
• 关键词: Payment; Credit card; Debit card; No-surcharge

摘要

Payments are increasingly being made with payment cards despite the fact that the cost of clearing a card payment Usually exceeds the cost of transferring cash. We examine this puzzle through the lens of monetary theory, We consider the design of ail optimal card-based payment system when cash is available as an alternative means of payment. We find that a feature akin to the controversial no-surcharge rule may be necessary to ensure the viability of the card payment system. This rule states that merchants cannot charge a customer who pays by card more than a customer who pays by cash. (C) 2008 Elsevier B.V. All rights reserved.