On a switch fee basis, I am confident that we will continue on a low-cost basis and will respect the roots of Interac, and we'll be opening up the books.
When you talk about interchange, remember that it's not a revenue for the network. You are right that it's a mechanism that my competing networks will be utilizing to try to take away my issuers on the bank side. That's the competitive reality I face: a multi-network environment that is occurring.
When you look at this movement to provide an incentive to move and at the fact that the issuers' costs are also rising—fraud, for example.... I mentioned we had a great success in 2008 at $104 million. Well, I can tell you now that due to organized crime, they have gone back to their usual trajectory. The issuers share in the burden of all fraud costs, which are well north of $100 million, and they have customers who are increasingly demanding in respect of the new payment vehicles and the features they want. So the issuers have these costs. They believe they're not readily able to recoup these costs, and so there is a point at which the incentives being offered by my competitors are going to amount to an offer the issuers can't refuse.
So in our strategy, we need to look at, in terms of the issuing value proposition, what I call a keep-from-going rate, if you will. But given the base of our acceptance, you have to realize that the keep-from-going rate can be significantly and distinctly lower than what Visa and MasterCard have to offer as they penetrate this market. And I believe that if we stay true to our roots with the merchant value proposition we have, the merchants will be the architects of their own cost future and will continue to accept Interac on a preponderance basis, which will allow our rates to be significantly lower than those of our competitors but still give the issuers a value proposition they need and deserve.