We would be confronted with the need to steer money market interest rates to higher levels while excess liquidity continued to prevail in money markets. It is therefore crucial to monitor the sources of funding constraints for banks.
This aspect of the market adds a level of complexity to the pricing strategy, because the suppliers of card services will want to take those externalities into account. They have an incentive to adopt pricing strategies that promote the size of their networks. BIS Review 29/2010  1  The second difference is that card payments services are a joint product.