O efeito da criação da bandeira ELO nas taxas cobradas pela indústria de meios de pagamento brasileira

Resumo

The main objective in this dissertation is to understand how the creation of the new payment card brand ELO, after the intervention promoted by the Administrative Council for Economic Defense (CADE) in the end of 2009, altered the fees charged by the brazilian payment card industry. The intervention from CADE resulted in the end of the exclusivity between Visa and the acquirer Visanet, allowing the appearance of the brand ELO. CADE expected that the end of such exclusivity relationship would allow an increase in the industry competition, reducing the charged fees. Since 2010, the market has experienced a reduction in the merchant discount rate, whilst it has experienced an increase in the interchange fee. The ELO brand, introduced in 2012 by the owners of Cielo, began to operate in exclusivity relationship with this acquirer, signalising a return to the verticalisation in the sector. Considering entry of ELO, we want to evaluate through a difference in differences regression the effect of this new card brand over the interchange fee and the merchant discount rate. The estimates indicate that for debit, the entrance of ELO mitigated the reduction of the merchant discount rate, whilst for the interchange fees its effect mitigated the increase in the interchange fee.

Ficha do documento

Tipo

Dissertação

Ano

2019

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/27486

Temas

EconomiaDesenvolvimento Econômico

Palavras-chave

Indústria de meios de pagamentoCADEBACENMercado de dois ladosELOTaxa de intercâmbioTaxa de descontoPayment card industryTwo-sided-marketInterchange feeMerchant discount rateEconomiaCartões de crédito - BrasilCartões de crédito - Taxas - BrasilPolítica monetária - Brasil