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David S. Evans

Paying with Plastic, second edition: The Digital Revolution in Buying and Borrowing (The MIT Press) Paperback – December 17, 2004

by David S. Evans (Author), Richard Schmalensee (Author)

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The definitive account of the trillion-dollar payment card industry.

The payment card business has evolved from its inception in the 1950s as a way to handle payment for expense-account lunches (the Diners Club card) into today's complex, sprawling industry that drives trillions of dollars in transaction volume each year. Paying with Plastic is the definitive source on an industry that has revolutionized the way we borrow and spend. More than a history book, Paying with Plastic delivers an entertaining discussion of the impact of an industry that epitomizes the notion of two-sided markets: those in which two or more customer groups receive value only if all sides are actively engaged. New to this second edition, the two-sided market discussion provides useful insight into the implications of these market dynamics for cardholder rewards, merchant interchange fees, and card acceptance. The authors, both of whom have researched the industry for more than 25 years, also examine the implications of the recent antitrust cases on the industry as well as other business and technological changes—including the massive consolidation brought about by bank mergers, the rise of the debit card, and the emergence of e-commerce—that could alter the payment card industry dramatically in the years to come.

Print length

384 pages
Language

English
Publisher

The MIT Press
Publication date

December 17, 2004
Dimensions

6.06 x 0.83 x 9 inches
ISBN-10

026255058X
ISBN-13

978-0262550581
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Editorial Reviews

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An excellent treatment of the payment card industry's evolving structure and conduct.—Daniel Pope, Enterprise & Society—

Well-written and clearly presented.

—Tudor Marshall, The Business Economist—

Review

Evans and Schmalensee's Paying with Plastic provides a rigorous analysis and deep insights about the payment card industry's fascinating institutional features. This book will appeal not only to policy-makers and business executives, but also to the theoretically inclined economist. The second edition incorporates much new material, including recent advances to two-sided market economics (to which the authors have made substantial contributions). A remarkable achievement.

―Jean Tirole, Institut d'Economie Industrielle, University of Toulouse

Product details

Publisher ‏ : ‎ The MIT Press; second edition (December 17, 2004)
Language ‏ : ‎ English
Paperback ‏ : ‎ 384 pages
ISBN-10 ‏ : ‎ 026255058X
ISBN-13 ‏ : ‎ 978-0262550581
Item Weight ‏ : ‎ 1.15 pounds
Dimensions ‏ : ‎ 6.06 x 0.83 x 9 inches

Best Sellers Rank: #1,364,024 in Books (See Top 100 in Books)
- #619 in Commerce (Books)
- #1,004 in Banks & Banking (Books)
- #2,407 in E-commerce Professional (Books)

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4.2 23 ratings

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Richard Schmalensee
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Richard Schmalensee is the Howard W. Johnson Professor of Management Emeritus and Professor of Economics Emeritus at the Massachusetts Institute of Technology (MIT). He served as the John C Head III Dean of the MIT Sloan School of Management from 1998 through 2007. He was as a Member of the President's Council of Economic Advisers from 1989 through 1991 and served for 12 years as Director of the MIT Center for Energy and Environmental Policy Research. Professor Schmalensee is the author or co-author of 12 books and more than 120 published articles. His research has centered on industrial organization economics and its application to managerial and public policy issues, and he was the 2012 Distinguished Fellow of the Industrial Organization Society. Professor Schmalensee is a Fellow of the Econometric Society and the American Academy of Arts and Sciences. He has served on the Executive Committee of the American Economic Association and has been a Director of the International Securities Exchange and other corporations. He is currently a Director of the International Data Group and the National Bureau of Economic Research, and is Chairman of the Board of Directors of Resources for the Future. He has testified before Congress and served as a consultant to government agencies and numerous private firms.
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David S. Evans
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David S Evans is an economist whose work on platform businesses, the digital economy, financial services, and antitrust economics is widely cited. He is the author of nine books and more than 150 articles on those and other economic topics.
Evans uses his research to advise companies, from early-stage firms to the largest global digital businesses, and for testimony before courts, legislatures, and regulators in the US and abroad. He regularly speaks to global audiences on digital transformation, platform businesses, and antitrust.
Evans is a founder and principal at Market Platform Dynamics and Global Economics Group. He taught at the University of Chicago Law School from 2006-2016 and the University College London from 2004-2022.
Evans was trained at the University of Chicago, where he earned his Ph.D. in economics, and lives in Boston.
Visit his personal website at https://davidsevans.org
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4.2 out of 5

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Larry Chiang

What's old will be new again

Reviewed in the United States 🇺🇸 on October 24, 2005

Verified Purchase

Paying with Plastic first edition has been revamped, rewritten and repositioned here with edition number two.

Most important, Paying with Plastic "2.0" addresses new developments of online payment processing. The authors correctly begin to question the requirement of a merchant set top box for reading "antiquated magnetic stripes".

"Old is new" item #1. Frank McNamara's Diners Club platform would cost about $50,000 to set up today. What's the next mutiny of merchants?

Old is new item #2. Sears starting up Discover and getting to more merchants tha American Express -all within 2 years. Moore's law (doubling within time) would suggest the next Discover would ramp up in less time.

Old is new #3. Industries in decline, lobby best. The payment industry's recently raised interchange rates. Does technology cost more?! No, but growth is stagnant.

Old is new #4. Whoops, John Reed (ex-ceo of Citibank) pulled their Visa membership (p14) and moved the Mastercard logo to the back. Why?! Pull the entire Citi into a closed loop - Citi wanted to be like Amex and Discover. There will be more banks doing this like Chase (Octogon) or MBNA (PayPass).

Old is new #5. Wal-mart as a bank. See Sears above in #2. Wal-marts pays fees to V/MC/D/Amex but they'd rather charge fees and lend money. Why just make $2.00 on the VCR when you can make $10 on the financing. By the way, I like the payment system name, "Wallycard"... just kidding.

7 people found this helpful

Helpful

Dion F. Lisle

Great Overview

Reviewed in the United States 🇺🇸 on November 4, 2006

Verified Purchase

If you work in the payments, credit card or finance industry this book is great. It has a very easy to read history about credit cards, who knew Diners Club invented the category in the 50's. But more importantly is how the industry is moving forward and progressing.

Overall, this is a book you read if you need to, but I can't imagine anyone outside the industry reading it. You would have to be the most intellecually curious person in the world if you read this cause you were interested in how credit cards work.

One person found this helpful

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xmarc999

Comprehensive analysis of the payment industry

Reviewed in the United States 🇺🇸 on January 29, 2016

Verified Purchase

This is the most accurate analysis of the the payment card industry, and I highly recommend it for any professional in the industry. A bit dry - a more exciting beach read can be found in The PayPal Wars. But this is a detailed exploration. I will note that this is the second edition, and there have been promises (and even published chapters) from the third edition. I look forward to the third edition and it may be worth checking out the MIT Press website to see if the third edition is out.

One person found this helpful

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M. McCormack

Bias comes through.

Reviewed in the United States 🇺🇸 on November 16, 2001

Verified Purchase

The authors both are long-time consultants for Visa and it is very apparent in this book. The discussion of MasterCard, Discover, and American Express is limited. The treatment of various legal actions (Nabanco, US DOJ, WalMart, duality) is one sided. There is minimal study of the economics of the business from vantage points (consumer, merchant, acquirer, Issuer, co-branding partner, etc.) other than the card association.
It's clear from some of the statistical material prsented that Visa particpated in the book.
Ever see JAG? It's about a real portrayl of the Navy & Marine Corp as this is of the card industry.

48 people found this helpful

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Oscar Galvez

Paying with Plastic

Reviewed in the United States 🇺🇸 on June 24, 2010

Verified Purchase

Vey basic but covers all the aspect of the credit card world. Also, gives some details about the industry mayor events and the recent developings after the Antitrust litigations against Visa and MasterCard.

Reviewed in the United States 🇺🇸 on May 6, 2009

Verified Purchase

2nd edition - Outdated. The payment industry is changing and it is not just a US invention. Japan is on the edge of electronic money through your cell phone.

Be aware that this is an overview and a dated one. And you won't be dissappointed.

Helpful

Highly Recommended!

Reviewed in the United States 🇺🇸 on May 9, 2005

In this history of payment cards, David S. Evans and Richard Schmalensee provide an amazingly lucid account of a couple of unusual business models: the "two-sided platform," which in the use of payment cards means walking a tightrope between the interests of merchants and consumers; and the "co-opetitive," in which the bank members of MasterCard and Visa cooperate in developing industry practices while competing for business. The authors, who are both former Visa consultants, sound like your favorite college professors - up to date and extremely sophisticated, yet friendly and anecdotal (at one point, they describe a Shell gas station near MIT to make a point about competition among cards). They typically begin chapters with easily understood notions from which they methodically build complex structures of ideas and information. Another virtue of the book is its concreteness - although that occasionally devolves into repetitiveness - starting with an explanation involving electronic signals and following the paper path of what happens when you hand your credit, debit or charge card to a cashier. The authors even consider the design and manufacture of the cards themselves. We recommend this book as essential reading for those in the banking or payment card industries; and it's not a bad idea for card users to read it - which these days means you...and just about everyone else.

12 people found this helpful

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AmazonPraveen20s

Great book!!

Reviewed in the United States 🇺🇸 on January 4, 2006

I loved this book and how the author talks about the fine points of credit cards and how American consumers got hooked into it. A terrific read and it is money well spent, although FREE shipping would have been nice!

2 people found this helpful

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