哈佛商学院教授 Mark L. Egan 等多位学者联合发布的研究论文《Who Pays for Payments?》指出，信用卡交换费机制正导致每年约300亿美元从现金和借记卡用户向信用卡用户转移 1。这项由哈佛商学院、西北大学、斯坦福大学及佐治亚州立大学研究人员共同完成的研究表明，高收入家庭每年从中获得92亿美元的补贴，而低收入家庭则因物价中隐含的交换费成本而遭受损失 1。
具体数据显示，年收入超过15万美元的家庭每年可获得约390美元的奖励，而低收入家庭每年则损失约88美元 1。在支付成本与收益的分配上，高端信用卡用户获得了43%的奖励但仅支付30%的交换费；相比之下，现金用户获得0%的奖励，却需承担约10%的费用相关成本，面临比高端信用卡用户高26%的销售税 1。此外，大银行发行的借记卡用户获得约13%的奖励，却支付了23%的费用 1。研究还指出，2010年通过并于2011年生效的《杜宾修正案》在限制借记卡交换费后，反而加剧了这种累退性的财富转移 1。该研究分析了约100万商户及80万Clover商户的数据，并指出消费者分流与大型零售商的谈判能力已使整体转移规模缩小了约25% 1。
A recent study titled "Who Pays for Payments?" reveals that credit card interchange fee mechanisms facilitate an annual wealth transfer of approximately $30 billion from cash and debit card users to credit card users 1. The research, conducted by Harvard Business School Professor Mark L. Egan, Northwestern University Professors Gregor Matvos and Lulu Wang, Stanford University Professor Amit Seru, and Georgia State University Professor Vincent Yao, highlights that high-income households receive an estimated $9.2 billion in annual subsidies funded by middle- and low-income families, while low-income families suffer due to the hidden interchange fee costs embedded in retail prices 1. Specifically, households earning more than $150,000 annually gain about $390 each year, whereas low-income households lose roughly $88 annually 1.
The research provides a detailed breakdown of the costs and benefits associated with different payment methods, analyzing data from approximately 1 million merchants and 800,000 Clover merchants 1. Premium credit card users capture 43% of the rewards while paying only 30% of the interchange fees, whereas cash users receive 0% in rewards but bear about 10% of the fee-related costs, facing a sales tax 26% higher than that of premium cardholders 1. Furthermore, debit card users with large banks receive about 13% of the rewards but pay 23% of the fees 1. The study also notes that consumer sorting and the bargaining power of large retailers have reduced the scale of this wealth transfer by approximately 25% 1.
Additionally, the paper points out that the Durbin Amendment, which was passed in 2010 and took effect in 2011 to cap debit card interchange fees, has actually exacerbated this regressive wealth transfer 1.
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