Finance committee  No, through the Bank Act it would only apply to the bank. We want something broader than that. We want something that applies more broadly than just to the bank.

Finance committee  The mechanism can be whatever works, frankly.

Finance committee  What the tribunal said is that there was no legal issue. It's not a legal issue. What they said is it's a policy question. It's a complex one. It's multi-faceted, so they've asked the government to address it. That's what has happened.

Finance committee  Sure. I think you're talking about two separate issues. Mobile payment is one issue. The Competition Tribunal was looking at two very distinct legal questions. I understand what you're saying. I'm just saying they are two separate things.

Finance committee  With respect to the first suggestion on standardization, the industry, banks and credit unions have already developed the mobile payments reference model to provide a certain degree of guidance and structure going forward. I'd want to think about what the implications would be of going further than that because I don't want to stifle innovation.

Finance committee  I believe work is under way in that area to try to—

Finance committee  We're supportive certainly of updating it to address mobile payments, absolutely.

Finance committee  It's not a “who”. It's really a class of institutions. From our point of view—

Finance committee  I think the credit and debit card code that the government has created is abundantly clear on the issue of co-badging. You cannot have competing applications on the card at the same time.

Finance committee  No, I've said there is a code. The code of conduct is abundantly clear. I could read it. It complies with it and is enforced through the FCAC. Institutions have said they follow the code; therefore they follow the code.

Finance committee  You're going to have to repeat the question. I'm sorry, but you have lost me a little bit.

Finance committee  I believe Global Payments did a study on exactly that question. They looked at the growth, the amount of additional GDP that electronic payments have created, the amount of additional spend that it has created. I don't have it with me, but we can certainly provide it to the committee.

Finance committee  Absolutely.

Finance committee  Absolutely. The advantage of mobile banking is the convenience. People like to be able to use their mobile devices and conduct their transactions wherever they want. Increasingly they can. We've seen remarkable uptick in the usage and the adoption rate of mobile banking. When we first surveyed the public and asked about mobile banking in 2010, only about 5% of people had done it.

Finance committee  Absolutely.