This paper investigates the effects of credit card interchange fee regulation on the performance of traditional and fintech financial conglomerates. Using data from 2017 to 2021 of individual financial institutions and conglomerates operating in Brazil and parameters estimated by previous studies, we simulate the impact of that regulation on financial conglomerates. We find that an interchange fee cap increases the return of fintech conglomerates, whereas it decreases the return of conglomerates led by traditional financial institutions. Furthermore, we find that such regulation reduces the return of all conglomerates, traditional and fintech ones, that provide greater financial sophistication and credit growth.

中文翻译：

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支付卡交换费监管和金融机构：对传统和金融科技金融集团的影响*

本文研究了信用卡交换费监管对传统和金融科技金融集团绩效的影响。使用 2017 年至 2021 年在巴西运营的个别金融机构和集团的数据以及之前研究估计的参数，我们模拟了该监管对金融集团的影响。我们发现，交换费上限增加了金融科技集团的回报，而降低了传统金融机构主导的集团的回报。此外，我们发现，此类监管降低了所有提供更高金融复杂性和信贷增长的企业集团（无论是传统企业集团还是金融科技企业）的回报。