Recent financial technologies have enabled fast payments and are reshaping retail payment and settlement systems globally. We developed an analytical model to study the optimal design of a new retail payment system in terms of settlement speed and system capability under both bank and fintech firm heterogeneous participation incentives. We found that three types of payment systems emerge as equilibrium outcomes: batch retail (BR), expedited retail (ER), and real-time retail (RR) payment systems. Although the base value of the payment service positively affects both settlement speed and system capability, the expected liquidity cost negatively impacts settlement speed, and total transaction volume and technological effectiveness positively impact system capability. We identified three leadership strategies to maximize social welfare: the government mandate (GM) strategy, the fintech-inclusive (FI) strategy, and the fintech-exclusive and bank-exclusive (FE+BE) strategy. When the base value of the payment service is either low or high, the GM strategy leads to a socially optimal unified system. When the base value of the payment service is in the intermediate range, and if fintech firms have a significant technological advantage over banks, then both GM and FI strategies result in a socially optimal unified system; otherwise, the FE+BE strategy results in a socially optimal fragmented system. Further, we proposed a Shapley-value-based cost-sharing rule under the GM strategy to fairly allocate social welfare among the system participants. Our findings offer important policy insights into the optimal system designs, leadership strategies, and the government regulator’s role in shaping future innovations in the payments industry.

中文翻译：

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抓住快速支付趋势：零售支付和结算系统的优化设计和领导策略

最近的金融技术使快速支付成为可能，并正在全球范围内重塑零售支付和结算系统。我们开发了一个分析模型来研究在银行和金融科技公司异质参与激励下，新零售支付系统在结算速度和系统能力方面的优化设计。我们发现三种类型的支付系统作为均衡结果出现：批量零售 (BR)、加速零售 (ER) 和实时零售 (RR) 支付系统。虽然支付服务的基值对结算速度和系统能力都有积极影响，但预期流动性成本对结算速度有负面影响，总交易量和技术有效性对系统能力有积极影响。我们确定了三种最大化社会福利的领导策略：政府授权（GM）战略、金融科技包容（FI）战略和金融科技独占和银行独占（FE+BE）战略。当支付服务的基础价值较低或较高时，GM 策略会导致社会最优的统一系统。当支付服务的基值处于中间范围时，如果金融科技公司比银行具有显着的技术优势，那么 GM 和 FI 策略都会导致社会最优的统一系统；否则，FE+BE 策略会导致社会最优的碎片化系统。此外，我们在 GM 策略下提出了基于 Shapley 值的成本分摊规则，以在系统参与者之间公平分配社会福利。我们的研究结果为最佳系统设计、领导策略、