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Competition and regulation in European retail payment systems

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  • Kemppainen, Kari

    ()
    (Bank of Finland Research)

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    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.

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    File URL: http://www.suomenpankki.fi/en/julkaisut/tutkimukset/keskustelualoitteet/Documents/0316.pdf
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    Bibliographic Info

    Paper provided by Bank of Finland in its series Research Discussion Papers with number 16/2003.

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    Length: 73 pages
    Date of creation: 09 Jun 2003
    Date of revision:
    Handle: RePEc:hhs:bofrdp:2003_016

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    Postal: Bank of Finland, P.O. Box 160, FI-00101 Helsinki, Finland
    Web page: http://www.suomenpankki.fi/en/
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    Related research

    Keywords: competition policy; payment systems; retail payments; network economics;

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    Cited by:
    1. Iftekhar Hasan & Heiko Schmiedel & Liang Song, 2012. "Returns to Retail Banking and Payments," Journal of Financial Services Research, Springer, vol. 41(3), pages 163-195, June.
    2. Kemppainen , Kari, 2005. "Assessing effects of price regulation in retail payment systems," Research Discussion Papers 19/2005, Bank of Finland.
    3. Massimo Cirasino & Mario Guadamillas & José Antonio García & Fernando Montes-Negret, 2007. "Reforming Payments and Securities Settlement Systems in Latin America and the Caribbean," World Bank Publications, The World Bank, number 6630, October.
    4. Kirsi Ripatti, 2005. "Central counterparty clearing: constructing a framework for evaluation of risks and benefits," Finance 0508021, EconWPA.
    5. Can Okay, 2004. "The Drivers of The Recent Payment Systems Reforms Globally," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 4(2), pages 65-107.
    6. Anna Zalcewicz, 2011. "The European payments market integration process - regulation challenges," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 7(1), pages 321-340, December.
    7. Ripatti, Kirsi, 2004. "Central counterparty clearing: constructing a framework for evaluation of risks and benefits," Research Discussion Papers 30/2004, Bank of Finland.
    8. Kemppainen, Kari, 2008. "Integrating European retail payment systems: some economics of SEPA," Research Discussion Papers 22/2008, Bank of Finland.
    9. Kaie Kerem & Vello Vensel, 2005. "Theory and Empirical Evidence of Business Support Networks," Working Papers 129, Tallinn School of Economics and Business Administration, Tallinn University of Technology.

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