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Interchange Fees in Card Payments

Ann Borestam

European Central Bank (ECB)

Heiko Schmiedel

European Central Bank - Securities Settlement Systems Policy Division

September 15, 2011

ECB Occasional Paper No. 131

The present paper explores issues surrounding multilateral interchange fees (MIFs) in payment card markets from various angles. The Eurosystem’s public stance on interchange fees is neutral. However, the Eurosystem takes a keen interest in facilitating a constructive dialogue among the stakeholders involved in this debate. Transparency and clarity with respect to the real costs and benefi ts of different payment instruments are indispensable for a modern and harmonised European retail payments market. Interchange fees (if any) should be set at a reasonable level so as to promote overall economic efficiency in compliance with competition rules.

Number of Pages in PDF File: 58

Keywords: Trade credit and debit cards, retail payment systems, two-sided markets, interchange fees

JEL Classification: G21, D43, L13

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Date posted: October 10, 2011  

Suggested Citation

Borestam, Ann and Schmiedel, Heiko, Interchange Fees in Card Payments (September 15, 2011). ECB Occasional Paper No. 131. Available at SSRN: http://ssrn.com/abstract=1927925

Contact Information

Ann Borestam (Contact Author)
European Central Bank (ECB) ( email )
Sonnemannstrasse 22
Frankfurt am Main, 60314
Heiko Schmiedel
European Central Bank - Securities Settlement Systems Policy Division ( email )
Directorate General Payment Systems
Kaiserstrasse 29
D-60311 Frankfurt am Main
+49-69 13 44 70 59 (Phone)
+49-69 13 44 60 00 (Fax)
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