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Credit cards and payment efficiency


  • Stanley J. Sienkiewicz


On May 22, 2001, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on the role of interchange fees in the credit card industry. The workshop discussion, led by Dr. David Humphrey of Florida State University, explored the framework behind interchange fees. It then focused on several open questions that have arisen within both the academic research and international regulatory communities about interchange's impact on payment system efficiency. The paper that follows is supplemented by additional research and provides background information on interchange, a transaction-level overview of the credit card system that results in the extraction of interchange, and a summary of Dr. Humphrey's comments.

Suggested Citation

  • Stanley J. Sienkiewicz, 2001. "Credit cards and payment efficiency," Payment Cards Center Discussion Paper 01-02, Federal Reserve Bank of Philadelphia.
  • Handle: RePEc:fip:fedpdp:01-02

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    Cited by:

    1. Thomas A. Garrett, 2007. "The rise in personal bankruptcies: the Eighth Federal Reserve District and beyond," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 15-38.

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    Credit cards ; Payment systems;


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