Finance committee  I'll weigh in, if you don't mind. The demo that Nicolas Dinh and our team has brought in today demonstrates loyalty, couponing, and payment, all in one tap. You can see it live at the back of the room later.

Finance committee  SIr, can I weigh in a little on how the technology works?

Finance committee  The information is travelling from a secure location, in the case of EnStream it's the SIM in the card to the point-of-sale terminal, and then it travels through the normal channels that every card transaction travels through from there.

Finance committee  The Americans are now in the process of implementing chip. Last week, I was at a conference in Salt Lake City. It was called the Smart Card Alliance. We had a Canadian panel there. We were showing them the way to chip and contactless.

Finance committee  Some of the expertise, yes.

Finance committee  I think you will also find there's a benefit in the interface that a phone provides that is superior to things we have had historically, which will give people an opportunity to...and as we have developers build in new applications for these phones, you will have some great advan

Finance committee  Maybe I could weigh in with an answer to that one. The technology we're deploying here is based on EMV, which is the chip technology. It builds on top of that contactless, but those are just the first stages because this infrastructure will enable us to do all sorts of new thing

Finance committee  I'll be very quick. Some of the paperless options take costs away, but the traditional card, as I mentioned before, will not go away; so we'll still be having the traditional card in the market and the costs associated with that, and any additional costs of rolling out the mobile

Finance committee  The pricing remains the same, no matter what the form factor.

Finance committee  It will remain at 1.7% if that's what they're currently paying for a standard card.

Finance committee  We want to continue having a competitive environment for innovation. We recommend against any further government role. Competition and choice breed innovation. Where government has sought to limit competition, as with Canada's debit system, the result is an isolated domestic syst

Finance committee  Thank you for the opportunity to take part in your study. The subject matter at hand is very complex, and MasterCard recognizes that with the rapidly evolving nature of payments all stakeholders, including government, will have questions. We'd like to tackle those head on. I'm