全局竞争视角下支付平台的交换费定价策略  

Pricing Strategies for Interchange Fee of Payment Platforms Under Global Competition

作　　者：傅联英[1] FU Lian-ying

机构地区：[1]华侨大学经济与金融学院

出　　处：《产经评论》2021年第6期5-17,共13页Industrial Economic Review

基　　金：教育部人文社会科学研究规划基金项目“支付平台风险生成机制及治理对策研究”(批准号:20YJA790011,主持人:傅联英)。

摘　　要：伴随着支付产业的开放和新兴支付工具的兴起,国内支付清算市场业已从局部垄断转向全局竞争,倒逼支付平台调整定价策略。利用网络城市空间竞争模型,分析支付平台在“一对多”全局竞争下的最优交换费定价策略。结果表明,支付平台在全局竞争下的私人最优交换费满足成本加成律,平台以其自身成本和竞争对手算术平均成本共同构成的加权平均成本为基础,以基础效用差距、交通成本和转换成本共同构成的增广差异程度为加项,制定私人最优的交换费;较之于社会有效的交换费水平,支付平台私人设定的交换费过高。引入更多竞争平台未必能够降低交换费,取决于支付平台之间的成本差距;锚定竞争平台的绩效未必会提高交换费,取决于平台间的基础效用差距是否超过会员机构的交通成本;转换成本对交换费的影响并不确定,取决于竞争平台在中间市场的平均占有率高低。由此得到的管理启示与政策意义为:锚定竞争对手以缩小基础效用差距,发挥成员专业化优势以降低服务成本,善用领先的用户基础优势以培养用户粘性,多措并举或能实现私人利润目标和社会福利目标兼容。With the opening of the payment industry and the rise of emerging payment instruments,the domestic payment market has shifted from local monopoly to global competition,prompting the payment platform to adjust pricing strategies.This paper uses the network-city model of spatial competition to analyze the optimal interchange fee for payment platforms under the“one-to-many”global competition.The study finds that the optimal interchange fee under global competition still meets the cost-plus-law,and the fee is based on the weighted average cost of its own cost and competitors average cost,with a plus item combing the difference in basic utility,transportation cost and switching cost;the interchange fee set by the payment platform is too high compared to the socially desired interchange fee.Introducing more competitive platforms may not reduce the interchange fee,and it depends on the cost gap between payment platforms.Anchoring the relative performance against competitors may not increase the interchange fee,and it depends on the gap between utility difference and transportation costs.The impact of switching costs on interchange fees is ambiguous,and it depends on the average share of competitors in the wholesale market.The management inspiration and policy implications for domestic payment platforms are that a multi-pronged approach can achieve compatibility between private profit goals and social welfare goals by anchoring competitors to narrow the underlying value gap,leveraging members specialization to reduce service costs,and utilizing the advantages of a leading domestic user base to foster user stickiness.

关 键 词：支付平台 全局竞争 交换费 网络城市模型 空间竞争 

分 类 号：F062.9[经济管理—政治经济学]