Felt, Marie-Hélène; Hayashi, Fumiko; Stavins, Joanna; … - 2020 - This version: December 2020
received from credit or debit card issuers, and the merchant cost of accepting payments that is passed on to consumers as …, credit card transactions are crosssubsidized by cheaper debit and cash payments. Card rewards and consumer fees paid to …. This result is robust under various scenarios and assumptions, suggesting payment card pricing and merchant cost pass …