Contingent tax on cash. The anatomy of cross-subsidizing in retail payments

Contingent tax on cash. The anatomy of cross-subsidizing in retail payments

Timur Aitov, PhD, member of the RF CCI Council on Financial Market and Investments, Chairman of the Financial Market Security Commission, Head of the Financial Technologies Digitalization Competence Center, analyzes how the ban on price differentiation has transformed the market into a mechanism for legal cross-subsidization, what reform scenarios are feasible, and how each of them would impact issuers, acquirers, retailers, and end consumers.