Research Discussion Papers, Bank of Finland
No 16/2003:
Competition and regulation in European retail payment systems
Kari Kemppainen ()
Abstract: In this study, the interaction between the
competition-cooperation nexus and regulation in retail payment systems is
analysed by applying the main lessons from the theory of network
industries. This is justifiable on the grounds that the payment systems
industry inherently has many characteristics in common with network
industries. On the other hand, since the provision of payment services also
has many special characteristics, the regulatory tools commonly used in
many other network industries cannot be applied directly. In general, the
main role of payment system regulators is to provide a level playing field
for different service providers. To secure dynamic efficiency, the
regulators also need to ensure adequate incentives for innovation and
investment. In this respect, it is important that they do not take too
restrictive an attitude towards cooperation among payment service
providers. In addition to general policy analysis, the study also analyses
developments in the European retail payment system field and the roles and
aims of market participants.
Keywords: competition policy; payment systems; retail payments; network economics; (follow links to similar papers)
JEL-Codes: D49; G28; L98; (follow links to similar papers)
73 pages, June 9, 2003
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