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Open Access. Powered by Scholars. Published by Universities.®

Columbia Law School

2003

Law and Economics

Gatekeepers

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Regulating Internet Payment Intermediaries, Ronald J. Mann Jan 2003

Regulating Internet Payment Intermediaries, Ronald J. Mann

Faculty Scholarship

This paper examines legal and policy issues raised by changes in payment methods related to the rise of the Internet. The two major changes – the rise of P2P systems like PayPal, and the rise of Internet billing systems (EBPP) to replace the use of paper bills and checks – both involve new intermediaries that facilitate payments made by conventional payment systems. The paper first discusses how those systems work. It then discusses problems in the framework currently used to regulate those systems in the United States, which has not been updated to protect consumers from the special problems those systems raise ...