I'll start with that one.
I think it's important to say, first up, that Visa does not set merchant fees. Each merchant in their relationship with their payments acquirer will typically develop a contractual relationship, and part of it includes the settlement terms and financial terms. That would be the basis for the merchant fees. Visa does not set those fees.
Visa has a component that probably represents a component of those merchant fees known as the interchange fee. That interchange fee, for us, has remained relatively stable for the past decade or so. We have been transparent about those interchange fees. They've been available on our website since 2008 and are a matter of public record. We think they reflect a tremendous amount of value that's delivered through the network. We look to set these interchange fees in a way that balances the services that are delivered to merchants and those delivered to consumers.
The benefits that merchants receive out of accepting credit cards, and in fact debit cards too, include immediate settlement or settlement within a very short timeframe; security protections, by ensuring that they no longer have to handle cash in the movement to electronic payments; immediate access to credit for many consumers at point of sale, which helps a merchant to grow their sales.
A study that has been done by Global Insight, which I referenced, says that over the last 20 years upwards of 20% of Canadian economic growth has been driven by the availability of electronic payments. Now, that's not just Visa; that's MasterCard, Interac, American Express, and all of the various players in electronic payment.
There is a huge value there, we believe, to the Canadian economy and to merchants who are accepting the cards. Merchants have lots of choices. There are many who have differing acceptance profiles: some choose not to accept Visa; some choose not to accept Interac, in the case of some online merchants. Those payment choices are what will continue to make the market dynamic and competitive.