MasterCard Worldwide has announced it has published a new white paper titled "Benefits of Open Payment Systems and the Role of Interchange" that the company says "dispels misperceptions about payment systems and explains the tremendous economic value that electronic payments bring to the economy as a whole and their role in advancing commerce."
The paper, entitled "Benefits of Open Payment Systems and the Role of Interchange," underscores the enormous benefits delivered by electronic payments, which have become so ingrained in everyday life they are often taken for granted or misunderstood. Few people ever stop to consider the complex and sophisticated system that allows transactions to occur within seconds, almost anywhere in the world.
"Perhaps the easiest way to grasp the value of electronic payments is to envision a world without them. Clearly, if electronic payments came to a sudden halt, many facets of commerce - travel, trade and the Internet just to name a few - would face dire consequences," MasterCard President and CEO Robert W. Selander says in the introduction.
The paper also discusses the role of interchange - a relatively small fee paid for the benefits merchants get from card acceptance. Interchange is critical to ensuring the system provides maximum benefits to all participants, including consumers and merchants in a fiercely competitive marketplace.
MasterCard has created this brochure as a resource for all those interested in the payments industry. To access the paper, please visit, http://www.mastercard.com/us/company/en/ourcompany/interchange.html.