Importance of payment market regulations for its functioning
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The purpose of this paper is to assess if the state’s interference in the payment system and payment mechanism is justifiable, to identify the reasons for initiating regulatory action on the payment market as well as to evaluate their role in shaping the market based on the analyses of the changes in regulation in this area. The analyses proved that the interference in the payment system is needed and the role of regulatory measures taken by the state is critical in en-suring safe and efficient functioning of the system and trust of its participants. However, the measures do not always affect increased efficiency of the system. The majority of the regulations that were in force in the XXth century strength-ened the traditional structure of the market where the banks dominated and the legislation obstructed entrance of non- banking entities which did not favour the development of innovation in the payment system and did not interfere with inefficient revenue and cost redistribution among its participants. The nature of the latest regulations is different, however; their purpose is to stimulate competitiveness on the payment market and increase its efficiency. The regulations make the market wide open for new entrants which results in defragmentation of the payment process. The attribute of the regulation is its potential to stimulate innovation, standardization of payment instruments and infrastructure in order to reduce the costs and increase efficiency. Unfortunately, the pressure to increase payment services price transparency does not produce satisfactory effects.
Authors and Affiliations
Janina Harasim
Keywords
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