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Plastic MoneyConstructing Markets for Credit Cards in Eight Postcommunist Countries$
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Alya Guseva and Akos Rona-Tas

Print publication date: 2014

Print ISBN-13: 9780804768573

Published to Stanford Scholarship Online: September 2014

DOI: 10.11126/stanford/9780804768573.001.0001

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The Construction of Card Markets in Hungary, Poland and the Czech Republic

The Construction of Card Markets in Hungary, Poland and the Czech Republic

(p.97) Five The Construction of Card Markets in Hungary, Poland and the Czech Republic
Plastic Money

Akos Rona-Tas

Alya Guseva

Stanford University Press

This chapter focuses on the three Central European countries--Hungary, the Czech Republic and Poland. It details the role of multinational card networks, such as Visa and MasterCard, as well as the involvement of state and large employers in solving the market puzzles. On the credit side, market development in Central Europe was influenced by concerns about data privacy. The mechanization of credit assessment, a key technology in making credit card markets profitable, was seen as a threat to borrowers. On the payment side, all three Central European markets are already dominated almost exclusively by Visa and MasterCard. In order to further standardize, the European Union recently began to push for initiatives enabling any European citizen to get their payment card in any European country.

Keywords:   Hungary, the Czech Republic, Poland, multinational card networks, Visa, SEPA Card Framework, data privacy, automated individual decision, socialist-era retail bank, interbank data sharing

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