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Industry committee I was just going to indicate that I appreciate that there's clearly an issue here. We wouldn't be having this hearing, we wouldn't be having these discussions, if there weren't. And in many of the exchanges that my colleague and I have had with merchants, we understand that many
May 14th, 2009Committee meeting
Bill Sheedy
Finance committee I was just going to indicate that I appreciate that there's clearly an issue here. We wouldn't be having this hearing, we wouldn't be having these discussions, if there weren't. And in many of the exchanges that my colleague and I have had with merchants, we understand that many
May 14th, 2009Committee meeting
Bill Sheedy
Industry committee If it's all right, I'd like to add one element to my colleague's answer. I agree with Tim that when we look at costs, it misses the benefits. I also think that if we look back historically in Canada over the last 20 or 30 years, we see that most major retailers invested in thei
May 14th, 2009Committee meeting
Bill Sheedy
Industry committee I understand. It's a very good question. I think part of what gets lost, as I'm sure the committee understands, is that this is a complex payment system, and consumers are very important constituencies here. They absolutely benefit from card acceptance; they receive rewards and
May 14th, 2009Committee meeting
Bill Sheedy
Finance committee If it's all right, I'd like to add one element to my colleague's answer. I agree with Tim that when we look at costs, it misses the benefits. I also think that if we look back historically in Canada over the last 20 or 30 years, we see that most major retailers invested in thei
May 14th, 2009Committee meeting
Bill Sheedy
Finance committee I understand. It's a very good question. I think part of what gets lost, as I'm sure the committee understands, is that this is a complex payment system, and consumers are very important constituencies here. They absolutely benefit from card acceptance; they receive rewards and
May 14th, 2009Committee meeting
Bill Sheedy
Industry committee I know Visa would not agree there's a cash subsidy. It's shocking to you, I know.
May 14th, 2009Committee meeting
Bill Sheedy
Industry committee In fact, one of the things we talk quite a bit about with our merchant partners and have measured a number of times, as have a host of third parties, is that there are exceptional costs associated with handling cash; and I think that typically gets lost in the discussion.
May 14th, 2009Committee meeting
Bill Sheedy
Industry committee My only point, Mr. McKay, is that when you look at the North American market in total, our research suggests that somewhere close to $3.6 trillion to $3.7 trillion a year is expended in cash transactions. Not only are those transactions very expensive for the merchants in terms o
May 14th, 2009Committee meeting
Bill Sheedy
Industry committee We respect that payments are very important to Canada. They're important to merchants; they're important to consumers; and they're certainly very important to the banks, our clients. I don't think Visa has a problem with regulation. In fact, we live in a regulated industry, as
May 14th, 2009Committee meeting
Bill Sheedy
Finance committee I know Visa would not agree there's a cash subsidy. It's shocking to you, I know.
May 14th, 2009Committee meeting
Bill Sheedy
Finance committee In fact, one of the things we talk quite a bit about with our merchant partners and have measured a number of times, as have a host of third parties, is that there are exceptional costs associated with handling cash; and I think that typically gets lost in the discussion.
May 14th, 2009Committee meeting
Bill Sheedy
Finance committee My only point, Mr. McKay, is that when you look at the North American market in total, our research suggests that somewhere close to $3.6 trillion to $3.7 trillion a year is expended in cash transactions. Not only are those transactions very expensive for the merchants in terms o
May 14th, 2009Committee meeting
Bill Sheedy
Finance committee We respect that payments are very important to Canada. They're important to merchants; they're important to consumers; and they're certainly very important to the banks, our clients. I don't think Visa has a problem with regulation. In fact, we live in a regulated industry, as
May 14th, 2009Committee meeting
Bill Sheedy
Industry committee If it's helpful, we tend to not think about the company on a return-on-equity basis. There are a number of measures that we look at, earnings per share, revenue growth. I think the guidance that we provided to investors on a global basis is that we, on a long-run basis, expect to
May 14th, 2009Committee meeting
Bill Sheedy