PAYMENT CARD SYSTEMS AND COMPETITION CONCERNS: MULTILATERAL INTERCHANGE FEES AND NO-DISCRIMINATION RULES
11.1 BACKGROUND 1
Money transmission represents the fulcrum of the entire modern economy. Everyday money flows uninterruptedly among individuals, corporations, governments in order to ensure payment transactions at any possible level. The overall procedure by virtue of which funds are transferred from one individual to another is known as payment system. 3
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