A very important business in the EU… 508 million People 760 million Cards 43.6 billion Transactions 2.2 trillion Euros Source: European Central Bank Press.

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Presentation transcript:

A very important business in the EU… 508 million People 760 million Cards 43.6 billion Transactions 2.2 trillion Euros Source: European Central Bank Press Release: Payment Statistics for 2013 (9 September 2014)

I like cards…all of them. Page 2 © Berwin Leighton Paisner

When this case started… Page 3 © Berwin Leighton Paisner

Interchange Fees: Four-Party Scheme Page 4 © Berwin Leighton Paisner Issuing BankAcquiring Bank Cardholder / CustomerRetailer Card Payment Card Balance Payment Product Price LESS Merchant Service Charge (Interchange Fee + Acquiring Bank Fee) Product Price LESS Interchange Fee Scheme Provider (e.g. MasterCard / Visa) Scheme Fee

Transaction Flow Diagram: Four-Party Scheme Page 5 © Berwin Leighton Paisner Step 1 The consumer’s bank (the issuer) issues a card to the cardholder. Step 2 The cardholder initiates a transaction by purchasing a good or service from the merchant. Step 3 The merchant submits a request for authorisation to its acquiring bank (the acquirer). Step 4 The acquirer submits the transaction to the issuer for verification and authorisation. Step 5 The issuing bank authenticates the transaction and the acquirer provides confirmation to the merchant. Step 6 The issuing bank authenticates the transaction and the acquirer provides confirmation to the merchant. Step 7 The issuing and acquiring banks settle the transaction. The issuer subtracts the interchange fee before it pays the acquirer. Step 8 The cardholder’s account is debited by the issuer or the cardholder pays his card bill.