İki Taraflı Piyasalar ve Türkiye’de Kredi Kartları Piyasasının Ekonomik Analizi

Abstract

The purpose of this study is to identifyeconomic problems and market failures related to credit cardsmarket in Turkey by analyzing it within the framework of two-sided market model and to assessexisting government interventions and bring policy recommendations regarding these issues. The rapid growth in the use of credit cards in Turkey has brought aboutsome problems and concerns as it is in the world. In this study, it is pointed out that these market failures and problems may justify government interventions. On the other hand it should be noted that only economic analysis that takes into account the two-sided nature of that market can lead to efficient regulations in this area. Assessments made within the scope of this study indicate that the existing sectoral regulations neglect not only the two-sided nature of this market but also the aspect of the credit cards as a payment instrument. Besides, it could be argued that these regulations ignore the fact that restrictions onthe merchant side may give rise to problems on the consumer side. Onthe other hand, the impact of intervention of Turkish Competition Authority in multilateral interchange fees was examined, butno clear evidence about the effect of this intervention on the growth rates of credit card variables in the market could be found.This study suggests that policymakers should focus on the efficient functioning of the markets and implement regulations that reduce market failures in the credit cards market such as by increasing transparency in pricing onboth sides of the market, byremovingobstacles to credit card surcharging by merchants and by bringing some restrictions on reward programs.Therefore, thesekind of regulations may increase efficiency of payment markets and allow the market provide efficient price signals and ensure for parties to internalize the externalities associated with their choice of paymentmethod.