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Author: Bin Grace Li Publisher: International Monetary Fund ISBN: 1484399625 Category : Business & Economics Languages : en Pages : 48
Book Description
It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a twosided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary significantly through the endogenous R&D channel.
Author: Bin Grace Li Publisher: International Monetary Fund ISBN: 1484399625 Category : Business & Economics Languages : en Pages : 48
Book Description
It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a twosided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary significantly through the endogenous R&D channel.
Author: Marianne Verdier Publisher: ISBN: Category : Languages : en Pages : 26
Book Description
Some retail payment systems can be modelled as two-sided markets, where a payment system facilitates money exchanges between consumers on one side and merchants on the other side. The system sets rules and standards, to ensure usage and acceptance of its payment instruments by consumers and merchants respectively.Some retail payment systems exhibit indirect network externalities, which is one of the main criteria used to define two-sided markets. As more consumers use the payment platform, more merchants are induced to be affiliated with it. Conversely the value of holding payment instruments increases with the number of merchants accepting them. The theory of two-sided markets contributes to a better understanding of these retail payment systems, by showing that an asymmetric allocation of costs is needed to maximise the volume of transactions. It also starts to bring results that could explain competition between payment platforms. However, this theory entails some limits to understand thoroughly retail payment systems. First, we show that some retail payment systems, such as the credit transfer or the direct debit systems, do not necessarily meet the assumptions needed to be defined as two-sided markets. Besides, this theory does not take into account specific features of the payment industry, such as risk management or fraud prevention. This leads us to propose new research directions.
Author: Stefano Ugolini Publisher: Springer ISBN: 1137485256 Category : Business & Economics Languages : en Pages : 339
Book Description
This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today. It radically rethinks previous attempts at a history of monetary institutions by avoiding institutional approach and shifting the focus away from the Anglo-American experience. Previous histories have been hamstrung by the linear, teleological assessment of the evolution of central banks. Free from such assumptions, Ugolini’s work offers bankers and policymakers valuable and profound insights into their institutions. Using a functional approach, Ugolini charts an historical trajectory longer and broader than any other attempted on the subject. Moving away from the Anglo-American perspective, the book allows for a richer (and less biased) analysis of long-term trends. The book is ideal for researchers looking to better understand the evolution of the institutions that underlie the global economy.
Author: Ertz, Myriam Publisher: IGI Global ISBN: 1799875466 Category : Business & Economics Languages : en Pages : 554
Book Description
In the past two decades, research on electronic commerce and platforms has thrived. Tremendous academic research has been conducted on this specific concept. Over the last decade, with the rise of applications and mobile technology, that stream of research has extended to the collaborative economy, more colloquially known as the sharing economy. The commonality between e-commerce and collaborative consumption being that they both occur online and rely predominantly on platforms. The Handbook of Research on the Platform Economy and the Evolution of E-Commerce is a comprehensive reference book offering a holistic perspective of the platform economy by connecting the e-commerce and collaborative economy streams into a common framework. As such, this integrated perspective offers a clearer understanding of the key trends in research and in managerial action, as well as an agenda for future studies and practice. This handbook emphasizes how the digital transition will create an increased merging between physical and digital activities, as well as the challenges and opportunities pertaining to this trend. Covering topics including sharing economy, Marketing 4.0, and digital applications, this book is essential for marketers, managers, executives, students, researchers, and academicians.
Author: Kemal Budi Mulyono Publisher: European Alliance for Innovation ISBN: 1631903438 Category : Social Science Languages : en Pages : 1057
Book Description
We proudly present the proceedings of 4th International Conference on Economics, Business and Economic Education Science 2021 (ICE-BEES 2021). It has focus on the innovations in economics, business, education, environment, and sustainable development. The issue of economics and sustainable development is important today. Especially in the time of Covid-19. Not only globally, but also Indonesia nationally to the local level. There are several important issues relating to this, both institutionally and the relationships between individuals and groups in supporting the agenda of sustainable development. More than 200 manuscripts were presented at this conference with 101 of them selected to be published in proceedings. We hope by this conference, discussions on the importance of sustainable development will increasingly become an important concern together. Brings better response from the government and social relations for development.
Author: Qingqi Long Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Platforms exploit consumers' strong personal preferences for a particular payment system to set payment restrictions and discriminatory strategies resulting in unfair competition. This harms users' rights, imposes additional costs on users, and hinders the healthy development of the platform service supply chain. Fortunately, governments are aware of the need to initiate the interoperability of payment systems. Following this trend, this study innovatively considers consumer adoption level of payment within platforms, payment misfit cost and payment network effect to build four scenarios for Hotelling models, by combining attributes of users' multi-homing choice and payment interoperability. A sensitivity analysis and numerical simulations are conducted, with further validation achieved by an extended model of two-sided markets and several important findings are obtained. Before payment interoperability, an increase in the payment misfit coefficient increases the profits of both platforms in the single-homing market mode; however, it decreases the profitability of the superior platform in the multi-homing. An increase in the coefficient of same-side payment network effect is detrimental to both platforms in the single-homing but benefits the superior platform in the multi-homing. In any case, platforms will gain more profits due to the increased consumer adoption level of payment. After interoperability, because there are no payment differences or consumer preferences, consumers do not have to bear extra costs and platform profit levels decrease. Moreover, the increase in the coefficient of the same-side payment network effect will reduce the profits of both platforms. In addition, the analysis of two-sided markets in extension reconfirms that interoperability helps to reduce prices, increase consumer activity, and eliminate the excess monopoly profits of platforms due to payment restrictions. A surprising discovery is that the traditional two-sided market findings are reversed by payment adoption level. In competitive bottleneck, the single-homing side is not always subsidized, rather some of these users are even charged high prices, and the multi-homing side is not always at a disadvantage.
Author: David S. Evans Publisher: MIT Press ISBN: 9780262550581 Category : Business & Economics Languages : en Pages : 388
Book Description
The definitive account of the trillion-dollar payment card industry. The payment card business has evolved from its inception in the 1950s as a way to handle payment for expense-account lunches (the Diners Club card) into today's complex, sprawling industry that drives trillions of dollars in transaction volume each year. Paying with Plastic is the definitive source on an industry that has revolutionized the way we borrow and spend. More than a history book, Paying with Plastic delivers an entertaining discussion of the impact of an industry that epitomizes the notion of two-sided markets: those in which two or more customer groups receive value only if all sides are actively engaged. New to this second edition, the two-sided market discussion provides useful insight into the implications of these market dynamics for cardholder rewards, merchant interchange fees, and card acceptance. The authors, both of whom have researched the industry for more than 25 years, also examine the implications of the recent antitrust cases on the industry as well as other business and technological changes—including the massive consolidation brought about by bank mergers, the rise of the debit card, and the emergence of e-commerce—that could alter the payment card industry dramatically in the years to come.
Author: Bin Grace Li
Author: Bin Grace Li
Author: Marianne Verdier
Author: Stefano Ugolini
Author: Ertz, Myriam
Author: Kemal Budi Mulyono
Author: Sujit Chakravorti
Author: Richard Schmalensee
Author: Eric Emch
Author: Qingqi Long
Author: David S. Evans