Gatekeeping at the counter: The regulation of stacked payment platforms

Résumé

This paper explores the pricing of ancillary payment services by platforms and its implications for welfare. We distinguish between two types of platforms: vertical platforms that operate their own closed payment schemes, and stacked platforms that offer payment services through open schemes operated by third parties. We analyze the impact of a regulation mandating platforms to provide access to third-party payment services and examine the regulation of interchange fees within the context of stacked platforms.

Mots-clés

platforms, payment services, ancillary services, regulation, interoperability, interchange fee;

Codes JEL

L51: Economics of Regulation
L86: Information and Internet Services • Computer Software
E42: Monetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems