At the request of MasterCard, Edgar, Dunn & Company conducted a study on the impact of interchange regulations on the payment card market, from the perspective of cardholders, merchants, schemes, issuers and acquirers. This study is in contrast to studies conducted by Eurocommerce and UK Finance that showed increased costs for merchants.

Here the study is much more nuanced and points out:

• Stable market share of domestic schemes (except for a 15% drop in Italy),
• The 3% drop in total MSCs in Europe, mainly to the benefit of large traders,
• The decrease in network costs per transaction,
• The 13% increase in annual subscriptions charged by issuers for credit cards.

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