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Industry committee An immediate innovation we are endeavouring to roll out in this game in the debit wars is, for example, the tap and go, the contactless. As you notice, the U.S. credit card companies have their products in market; Interac does not by virtue largely of our inability within our structure to move at other than the pace of the slowest.
June 16th, 2009Committee meeting
Mark O'Connell
Industry committee You're referring to the acquirer marking up the fee, not the banks?
June 16th, 2009Committee meeting
Mark O'Connell
Industry committee I think you're getting at a concern of mine. We publish our rates on our website each year, and that's—
June 16th, 2009Committee meeting
Mark O'Connell
Industry committee Yes. And in their contracts they have an agreement that any network fee charged is a pass-through to the merchant, and then they layer on their other fees. I am concerned that we don't have that downstream visibility. There have previously been tactics, and this is what I'm getting at.
June 16th, 2009Committee meeting
Mark O'Connell
Industry committee I can't speak to the strategies of Visa and MasterCard, of course, as that is not currently under Interac's purview or planning. But of course we're the network, remember, in the middle. With respect to card rollout strategies and so forth, that's the purview of the issuer largely.
June 16th, 2009Committee meeting
Mark O'Connell
Industry committee I hope it hasn't been lost. There's more than an internal restructuring of Interac needed with respect to how this debit marketplace evolved. So the level playing field I'm talking about, so consumers and merchants can overtly choose Interac, away from the competitors and their various pricing schemes and so forth, is imperative to our success, as are rules of the game.
June 16th, 2009Committee meeting
Mark O'Connell
Finance committee An immediate innovation we are endeavouring to roll out in this game in the debit wars is, for example, the tap and go, the contactless. As you notice, the U.S. credit card companies have their products in market; Interac does not by virtue largely of our inability within our structure to move at other than the pace of the slowest.
June 16th, 2009Committee meeting
Mark O'Connell
Finance committee You're referring to the acquirer marking up the fee, not the banks?
June 16th, 2009Committee meeting
Mark O'Connell
Finance committee I think you're getting at a concern of mine. We publish our rates on our website each year, and that's—
June 16th, 2009Committee meeting
Mark O'Connell
Finance committee Yes. And in their contracts they have an agreement that any network fee charged is a pass-through to the merchant, and then they layer on their other fees. I am concerned that we don't have that downstream visibility. There have previously been tactics, and this is what I'm getting at.
June 16th, 2009Committee meeting
Mark O'Connell
Finance committee I can't speak to the strategies of Visa and MasterCard, of course, as that is not currently under Interac's purview or planning. But of course we're the network, remember, in the middle. With respect to card rollout strategies and so forth, that's the purview of the issuer largely.
June 16th, 2009Committee meeting
Mark O'Connell
Finance committee I hope it hasn't been lost. There's more than an internal restructuring of Interac needed with respect to how this debit marketplace evolved. So the level playing field I'm talking about, so consumers and merchants can overtly choose Interac, away from the competitors and their various pricing schemes and so forth, is imperative to our success, as are rules of the game.
June 16th, 2009Committee meeting
Mark O'Connell
Industry committee Yes, we have a switch fee.
June 16th, 2009Committee meeting
Mark O'Connell
Industry committee Right. It's 0.8¢ to the acquirer and 0.8¢ to the issuer.
June 16th, 2009Committee meeting
Mark O'Connell
Industry committee Last year in Interac direct payment, I believe there were around 3.6 billion transactions.
June 16th, 2009Committee meeting
Mark O'Connell