BISWorkingPapersNo1163Interchangefees,accesspricingandsub-acquirersinpaymentmarketsbyJoseAurazoMonetaryandEconomicDepartmentJanuary2024JELclassification:G21,L11,L4,L5.Keywords:Accesspricing,interchangefees,paymentcards,paymentfacilitators,two-sidedmarketsBISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)Interchangefees,accesspricingandsub-acquirersinpaymentmarkets∗JoseAurazo†January2024AbstractSub-acquirers,alsoknownaspaymentfacilitators,haveplayedavitalroleinfosteringmer-chantdigitalpaymentsacceptance,particularlyindevelopingcountries.Toprovideaccesstodigitalpayments(iecardacceptance)tomerchants,sub-acquirersdonothaveadirectconnectionwiththecardnetworkbutthroughtheacquirer.Thispaperaimstostudytheoptimalpricinginthepaymentsindustrywhen:i)thesub-acquirersandacquirerscompeteinthesamedownstreammarket,andii)thesub-acquirersenternichemarketst...
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