Industry committee  They can't store all of the card information to complete another transaction. That would violate the PCI code. They cannot store data that could be replicated by someone who hacked in to create a counterfeit card. You can keep some information for record-keeping and tax purposes and charge-back adjudication.

Industry committee  It does.

Industry committee  It's for MasterCard debit and MasterCard credit.

Industry committee  Credit and debit typically don't co-reside on the same card. I was referring to two debit networks residing on the same card, which is what co-badging refers to in Canada. Speaking for MasterCard globally, zero liability is offered to MasterCard holders, to my knowledge, in all 210 countries in which we operate.

Industry committee  It's a matter of what data they should and shouldn't be storing after a transaction. Once a transaction happens there are certain pieces of data that the merchant no longer needs and shouldn't store going forward. That's embedded in the standards. There are also requirements to have their website scanned by independent third parties to ensure there's no breaching or ability to breach their websites.

Industry committee  RFID.

Industry committee  That's correct. We're aware of this firm that sells things that “protect” the cards, and they go around to media outlets and show how they can scan some pieces of information off the card. There is some consumer fear over that. But from an industry perspective, what we're telling the media and anybody, quite frankly, who will listen, is that the information cannot be used.

Industry committee  Well, I guess it's not beyond the realm of possibility, but merchants are vetted by acquiring financial institutions who bring them on board, and certainly online merchants represent a higher risk because we're talking about future delivery. The acquirers put these merchants through an on-board vetting period where they take a look at the business model, the rigour of the merchant, and at the principles involved before they sign them up.

Industry committee  They would probably charge us real estate.

Industry committee  On behalf of MasterCard, I can't say I'm intimately aware. I know we've done work with the government on literacy campaigns. I'm not really versed in those programs, but I know we have done a lot of literacy campaigns with the government. I wish I could tell you more, but it's just out of my sphere.

Industry committee  I would say that is the case, which is why—you'll hear this from the retailer side sometimes—the payments industry got together, in a rare event where all the competitors got together, and created the PCI, or payment card industry, standards. PCI standards are standards for retailers.

Industry committee  I would agree with that, and it depends on how you define mobile. For quite some time you've been able to use your BlackBerry or mobile device to do online purchases. It's no different from a personal computer at home. I've often bought stuff online from airports. That component has been in place for quite some time.

Industry committee  I really can't speak to the telecom networks, but most merchants today.... To Mike's earlier point, the days of imprinters have long gone. Most merchants have electronic terminals. If they have an issue with their terminal and it breaks, as they do from time to time, then yes, they have to contact their acquirer, financial institution, or whoever is providing the terminal for them and get it resolved.

Industry committee  I would say no. I meet with the CFIB and the RCC, so I'm aware of the spin they put on that. I will lay out some facts. When we rolled out our debit program in Canada, called Maestro, the cost was one-third less than that of Interac--not more, less. And we took an approach where we didn't feel negative option acceptance was acceptable for us.

Industry committee  If the code of conduct were amended to allow issuers to issue, as in every other market around the world, what are called co-badge cards, you could have multiple debit networks on the same card. You would have MasterCard debit on the same card that also has Interac.