Finance committee  It's a fair question. I think the challenge is in the level of complexity and what can be achieved over nearly 30 million cardholders and 700,000 merchant locations. We have corporate cards that companies carry, we have cards that government employees carry, small businesses, Inf

Finance committee  I don't necessarily think about it as our problem. I think about it as a Visa brand promise and what it means.

Finance committee  I do think that merchants benefit when consumers shop and have confidence with their Visa card at the point of sale. I think this is a benefit that goes to merchants. I can appreciate that at certain times they might want choice, and we try to give that to them when it's practica

Finance committee  I understand the question. I think we've already established that the 2% in your example is a bit higher than our average, but I feel compelled to point that out. That $2 flows directly from the bank that has the relationship with the merchant—the acquirer, in our vernacular—st

Industry committee  That's a very good question and it's one that we struggle with quite a bit. I should mention, and I think I've testified, that Visa is accepted in 170 countries globally, and in the vast majority of those countries we have an honour-all-cards rule that applies to Visa, the brand.

Industry committee  It's a fair question. I think the challenge is in the level of complexity and what can be achieved over nearly 30 million cardholders and 700,000 merchant locations. We have corporate cards that companies carry, we have cards that government employees carry, small businesses, Inf

Industry committee  I don't necessarily think about it as our problem. I think about it as a Visa brand promise and what it means.

Industry committee  I do think that merchants benefit when consumers shop and have confidence with their Visa card at the point of sale. I think this is a benefit that goes to merchants. I can appreciate that at certain times they might want choice, and we try to give that to them when it's practica

Industry committee  I understand the question. I think we've already established that the 2% in your example is a bit higher than our average, but I feel compelled to point that out. That $2 flows directly from the bank that has the relationship with the merchant—the acquirer, in our vernacular—st

Finance committee  I think I understand the confusion. The revenue streams that we as a company earn are for transactions that come over the network. The difficulty around credit quality and balances on cards is a matter for the banks and really has nothing to do with the way Visa operates in the

Finance committee  Since you directed the question to me, I'll start. I'm sure my colleague can add even more specifics. We absolutely have seen an increase in business on Visa Infinite and rewards-based cards. We've testified that there are higher interchange rates. They are one-fifth higher, so

Finance committee  Thank you for the clarification. I should have made it more clear in my response. The 1.6% I'm referring to is a weighted average number. It's not off the rates sheet; it's based on usage. It's all the rates times the volume, and it reflects all the volume shifts we've referred

Industry committee  I think I understand the confusion. The revenue streams that we as a company earn are for transactions that come over the network. The difficulty around credit quality and balances on cards is a matter for the banks and really has nothing to do with the way Visa operates in the

Industry committee  Since you directed the question to me, I'll start. I'm sure my colleague can add even more specifics. We absolutely have seen an increase in business on Visa Infinite and rewards-based cards. We've testified that there are higher interchange rates. They are one-fifth higher, so

Industry committee  Thank you for the clarification. I should have made it more clear in my response. The 1.6% I'm referring to is a weighted average number. It's not off the rates sheet; it's based on usage. It's all the rates times the volume, and it reflects all the volume shifts we've referred