Bedre-Defolie, Özlem; Calvano, Emilio - European Central Bank - 2009
In a payment card association such as Visa, each time a consumer pays by card, the bank of the merchant (acquirer) pays … determinants of socially and privately optimal IFs in a card scheme where services are provided by a monopoly issuer and perfectly … competitive acquirers to heterogeneous consumers and merchants. Different from the literature, we distinguish card membership from …