I would add that there is one other key differentiating factor between the Canadian and U.S. environments. I would stand behind what Don said about credit card interchange rates in Canada comparing very favourably with those in the U.S. But one factor that's missing there is debit card acceptance online.
I spoke in my opening remarks about CIBC's launch of a Visa debit card last year. Our interchange rates for debit are considerably lower--upwards of 35%--than our credit card rates. So in a U.S. environment, for example, where the blended average of the number of Visa cards that are used on the merchant site is as much debit as credit, you can imagine it would be a substantially lower price if debit were as big a piece of that merchant's business as it is in the U.S.
As I said at the outset, I think it would be helpful for merchants in terms of cost of acceptance as well as the ability to be able to do business with a new group of customers who may not qualify for credit cards, or who may be using PayPal at a different cost profile, or a credit card, to start accepting Visa debit products.
We think that will help drive e-commerce, and drive it at more affordable rates than you described.