Browsing by Author "Kemppainen, Kari"

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  • Kemppainen, Kari (2019)
    Euro & talous. Blogi
    Maksutavoissa on suuria eroja eri EU-maiden välillä.
  • Kemppainen, Kari (2020)
    Euro & talous. Blogi
    Luotettavan ja tehokkaan eurooppalaisen vähittäismaksamisen varmistaminen on ollut vahvasti esillä viime aikoina. Huolenaiheina on nostettu esiin mm. Euroopan laajuisten maksamisratkaisujen puute sekä ei-eurooppalaisten toimijoiden hallitseva asema markkinoilla. Lisäksi on nähty, ettei yhtenäisen euromaksualueen kaikkia mahdollisuuksia ole vielä pystytty täysimääräisesti hyödyntämään.
  • Kemppainen, Kari (2005)
    Bank of Finland Research Discussion Papers 19/2005
    This paper considers effects of price regulation in retail payment systems by applying the model of telecommunications competition by Laffont-Rey-Tirole (1998).In our two-country model world there is one retail payment network located in each country and markets are segmented à la Hotelling.We show that the optimal price under price regulation is the weighted average of pre-regulation domestic and cross-border prices where the degree of home-bias in making payments serves as the weight.Furthermore, we find that the general welfare effects of price regulation are ambiguous: gross social welfare is higher under price discrimination than under price regulation in the special case where costs of access to banking services (transportation costs) are high.However, there also exist cases where prohibitively high transaction costs make price discrimination to reduce total welfare.Finally, if transportation costs are reduced sufficiently, segmentation of payment markets is eliminated.Markets then become fullyserved as in the original Laffont-Rey-Tirole model, suggesting that price discrimination would be beneficial for welfare. Key words: payment systems, price regulation, retail payments JEL classification numbers: D49, G28, L59
  • Kemppainen, Kari (2020)
    Journal of Payments Strategy & Systems 4 (Winter 2020)
    Changing consumer expectations are shaping the retail payments market at the global level. Within the European Union, the renewed regulatory framework, the revised Payment Services Directive, gives a further boost by fostering innovation and com-petition in the European retail payments market. In this evolving payment landscape, assessing the current state and forecasting potential development paths may benefit from a look at the past.This paper reviews past developments, discusses potential regulatory implications, and outlines a vision of future developments in the European retail payments market. It concludes that an evolutionary path is more likely than a revolutionary one. Regarding the future regulatory framework for retail payments, it proposes that the movement from entity-based towards more activity-based regulation should be continued.
  • Heikkinen, Päivi; Kemppainen, Kari (2012)
    Bank of Finland. Bulletin. Financial stability 2
    Integration of the Finnish financial system into the global markets is reflected for example in the increasing provision of critical infrastructure services from abroad. Market integration may, through economies of scale, lower transaction costs. The challenge is to ensure that the level of domestic services does not decline and that efficiency gains are maintained. Market participants decisions on payment and settlement systems are strategic: they define the longer-term future operating conditions for the markets and the service level of the infrastructure. The impacts of these decisions therefore require thorough analysis, from the perspective of both individual participants and the entire market. The Bank of Finland assesses infrastructure solutions at the system-level and induces change, where necessary.
  • Kemppainen, Kari (2003)
    Bank of Finland. Bulletin 77 ; 3
  • Kemppainen, Kari (2003)
    Suomen Pankin keskustelualoitteita 16/2003
    In this study, the interaction between the competition-cooperation nexus and regulation in retail payment systems is analysed by applying the main lessons from the theory of network industries. This is justifiable on the grounds that the payment systems industry inherently has many characteristics in common with network industries.On the other hand, since the provision of payment services also has many special characteristics, the regulatory tools commonly used in many other network industries cannot be applied directly.In general, the main role of payment system regulators is to provide a level playing field for different service providers.To secure dynamic efficiency, the regulators also need to ensure adequate incentives for innovation and investment.In this respect, it is important that they do not take too restrictive an attitude towards cooperation among payment service providers.In addition to general policy analysis, the study also analyses developments in the European retail payment system field and the roles and aims of market participants. Key words: Competition policy, payment systems, retail payments, network economics JEL classification numbers: D49, G28, L98
  • Kemppainen, Kari (2017)
    Euro & talous. Blogi
    Digitalisoituva yhteiskunta edellyttää kansalaisiltaan uudenlaisia tietoja ja taitoja. Digitaalisen ajan talousosaamista vaativat myös finanssipalvelut, jotka muuttuvat helppokäyttöisemmiksi mutta joita on samalla ehkä aiempaa vaikeampi hahmottaa.
  • Kemppainen, Kari (2017)
    Journal of Payments Strategy & Systems 1
    Digitalisation is shaping almost every sector of the economy, enabling new ways of doing things, not merely digitising old, often manual, processes. Numerous new digital payment applications have emerged in retail payment markets, but the underlying payment infrastructures have remained almost unchanged. However, it is expected that technological advances combined with increasing competition enhanced by regulatory changes will shape retail payment markets in the coming years. With this evolving new environment will come new requirements, most notably for the authorities responsible for safeguarding the security, reliability and efficiency of payments. To analyse this challenge, this paper first reviews the theoretical framework that can be applied in examining the development of retail payment markets. Based on this, it outlines possible policy actions for the authorities. Secondly, it assesses the roles of authorities in practice, focusing on their position as catalyst for development in the European and national payment landscapes. Finally, it draws policy conclusions, emphasising the importance of multi-stakeholder cooperation bodies involving both payment service users and providers as well as relevant authorities.
  • Kemppainen, Kari; Putkuri, Hanna (2005)
    Bank of Finland. Financial market report 1
    Developments in international regulation and supervision call for many changes in Finnish legislation. The national implementation of financial directives is currently being prepared in several working groups.
  • Kemppainen, Kari (2014)
    Suomen Pankki. Blogi
    Elokuun ensimmäistä päivää vietettiin Suomessa tälle kesälle tyypillisissä helteissä, ja maksujen suorittaminen kaupoissa, kioskeissa, toreilla ja internetissä tapahtui totutun jouhevasti. Emme kiinnittäneet maksamiseen ja sen sujuvuuteen sen suurempaa huomiota, sillä olemme tottuneet luotettavaan ja tehokkaaseen maksujen välitykseen. Eurooppalaisella tasolla tarkasteltuna 1.8.2014 oli kuitenkin merkittävä virstanpylväs matkalla kohti aidosti yhtenäisiä eurooppalaisia maksupalvelumarkkinoita.
  • Kemppainen, Kari (2012)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Vähittäismaksamisen maittain eroavat kustannukset ovat yhtenäisen euromaksu-alueen edetessä nousseet julkisen keskustelun aiheiksi. Euroopan keskuspankki pyrki lisäämään näihin kustannuksiin liittyvää tietoutta toteuttamalla yhteiseurooppalaisen kustannusselvityksen, jonka tulokset julkaistiin lokakuun alussa.
  • Kemppainen, Kari (2012)
    Suomen Pankki. Rahoitusmarkkinaraportti 1
    Euroopan komissio julkaisi tammikuussa ns. vihreän kirjan16, jossa se hahmottelee eurooppalaisen kortti-, internet- ja mobiilimaksamisen nykytilaa. Lisäksi komissio pyrkii tunnistamaan keskeisimpiä esteitä matkalla kohti yhtenäisiä eurooppalaisia markkinoita. Kirja sisältää 32 kysymystä, joihin saatuja vastauksia komissio hyödyntää pohtiessaan integraation vauhdittamishankkeitaan.
  • Kemppainen, Kari; Miettinen, Pasi; Terho, Jussi (2021)
    Euro & talous 2/2021
    Teknologian kehittyminen on kiihdyttänyt vähittäismaksamisen muutosta. Eurooppaan luotu yhtenäinen euromaksualue ja yhteisten eurooppalaisten maksustandardien käyttöönotto ovat olleet merkittäviä askeleita maksamisen kehityksessä viime vuosina. Myös alan sääntelyä on harmonisoitu. Tapahtunut kehitys ei kuitenkaan vielä vastaa teknologian tuomiin mahdollisuuksiin. Siksi Euroopan keskuspankki ja Euroopan komissio ovat nostaneet eurooppalaisen vähittäismaksamisen ja sen kilpailukyvyn parantamisen yhdeksi kärkihankkeekseen tulevina vuosina. Eurooppalaiset vähittäismaksustrategiat antavat suuntaviivat kehitykselle, joka mahdollistaa kuluttajille turvallisen ja yhtenäisen eurooppalaisen maksamisen erityisesti kaupan yhteydessä.
  • Kemppainen, Kari (2012)
    Bank of Finland. Financial market report 2
    As the Single Euro Payments Area moves ahead the considerable differences between countries in the costs of retail payments have become a subject of public debate. To increase knowledge on these costs, the European Central Bank conducted a pan-European cost study, the results of which were published in early October.
  • Kemppainen, Kari (2012)
    Bank of Finland. Financial market report 1
    In January 2012, the European Commission published the Green Paper16, which outlines the current landscape of European card, Internet and mobile payments. On top of which it aims to identify key barriers en route to a single integrated European market. The Green Paper poses 32 questions, the answers to which will be used by the Commission when pondering how market integration can be accelerated.
  • Kemppainen, Kari; Lambert-Karjalainen, Terhi (2016)
    Euro & talous. Blogi
    FinTech on kiistatta yksi vuoden pöhinäsanoista. Se muodostuu englanninkielen termistä Financial Technology, finanssiteknologia. Sillä tarkoitetaan teknologiaa, erityisesti tietotekniikkaa, jota käytetään rahoitus- ja vakuutussektorien palveluiden tuottamiseen. Usein sanalla viitataan kasvuyrityksiin, start-uppeihin, jotka joko kehittävät tätä teknologiaa tai sitten uutta teknologiaa hyödyntäviä finanssipalveluja.
  • Kemppainen, Kari (2015)
    Suomen Pankki. Blogi
    Maksamisen markkinoilla eletään murrosvaihetta. Uusia innovatiivisia maksutapoja ja uusia toimijoita on tullut ja on tulossa markkinoille. Innovaatioita tuottavat niin pienet start up -yritykset kuin myös Applen ja Googlen kaltaiset suuryritykset muilta toimialoilta. Erilaisia maksutapoja onkin markkinoilla jo suuri kirjo, joten valinnanvaraa käyttäjillä – kauppiailla, yrityksillä ja kuluttajilla – riittää.
  • Kemppainen, Kari (2008)
    Bank of Finland Research Discussion Papers 22/2008
    Using a spatial competition model of retail payment networks, this paper discusses the likely economic consequences associated with the formation of the Single Euro Payments Area (SEPA). The model considers an expansion of positive network externalities on the demand side and adjustment cost on the supply side and reveals that the introduction of SEPA may not lead to a fully competitive and integrated retail payment markets. This is especially the case when the markets are segments before the introduction of SEPA. In such a scenario, the post-integrated markets are likely to remain segmented or will be characterised by a kinked equilibrium where no significant price competition takes place. In both outcomes, SEPA leads to increased prices, larger network sizes (ie increased number of customers) and a higher consumer surplus. Additionally, if the SEPA-induced adjustment costs for payment networks are not prohibitively high, SEPA may also lead to an increase in both profits and social welfare. Keywords: integration, network effects, retail payments JEL classification numbers: G21, L 14, L 15
  • Kemppainen, Kari; Putkuri, Hanna (2005)
    Bank of Finland. Financial market report 1
    The deepening of financial market integration has clearly been reflected in the recent development projects in regulation and supervision. The International Financial Reporting Standards (IFRS) were introduced at the beginning of 2005. A proposal on a directive on the capital adequacy reform is being debated by the European Parliament.