Finance committee  Sure, yes. The different products that are out there, including commercial card products, etc., have different behavioural characteristics. This is my view. I think there is a place for different interchange levels in the system to incent different types of behaviour. I also beli

Finance committee  Sure. With respect to the premium cards, one of the things I did look at more recently was the difference in behaviour. Do the holders of premium cards have different behavioural characteristics? And the answer is they actually do. I think that MasterCard mentioned that they ha

Industry committee  Sure, yes. The different products that are out there, including commercial card products, etc., have different behavioural characteristics. This is my view. I think there is a place for different interchange levels in the system to incent different types of behaviour. I also beli

Industry committee  Sure. With respect to the premium cards, one of the things I did look at more recently was the difference in behaviour. Do the holders of premium cards have different behavioural characteristics? And the answer is they actually do. I think that MasterCard mentioned that they ha

Finance committee  We don't believe we do. We also have reporting that would delineate every specific transaction for the merchant to be able to review, and it would indicate whether or not it was a qualified transaction or a non-qualified transaction. In the case of an error being made, we'd certa

Industry committee  We don't believe we do. We also have reporting that would delineate every specific transaction for the merchant to be able to review, and it would indicate whether or not it was a qualified transaction or a non-qualified transaction. In the case of an error being made, we'd certa

Finance committee  As to the way the electrons flow, in the case of Visa I think those servers would go either to McLean, Virginia, or Denver. In the case of MasterCard, I believe it goes either to St. Louis or Kansas City. That's something that we should confirm for you, or perhaps we could ask th

Finance committee  In the case of chip cards, they'll essentially replace the mag-stripe cards that we have today. It's the intention of Visa and MasterCard, as well as the Interac issuers, to gradually replace all of their cards with the chip technology. We have found that from a merchant perspect

Finance committee  That's not quite accurate, depending on the type of merchant. If you were a merchant who had very little dispute activity, a restaurant, for example, where almost no one disputes whether the meal was good, where the returns are very low, you may not need a chip device. Please kee

Industry committee  In the case of chip cards, they'll essentially replace the mag-stripe cards that we have today. It's the intention of Visa and MasterCard, as well as the Interac issuers, to gradually replace all of their cards with the chip technology. We have found that from a merchant perspect

Industry committee  That's not quite accurate, depending on the type of merchant. If you were a merchant who had very little dispute activity, a restaurant, for example, where almost no one disputes whether the meal was good, where the returns are very low, you may not need a chip device. Please kee

Industry committee  As to the way the electrons flow, in the case of Visa I think those servers would go either to McLean, Virginia, or Denver. In the case of MasterCard, I believe it goes either to St. Louis or Kansas City. That's something that we should confirm for you, or perhaps we could ask th

Finance committee  If I could just add this, there are actually some good instances where varying interchange makes sense, in my experience. I don't know if you have government travel cards when you travel. You don't have government travel cards? Okay, I used to work on the issuing side in that par

Finance committee  If merchants do not want to accept Maestro, we certainly would never force them to do that. We will turn it on.

Finance committee  Yes, with Visa there will be a prompt at the point of sale. Also, the merchants will have to elect whether they want Visa debit as well.