Finance committee  We used to do that, and then we got complaints that it was confusing: These weren't the rates that necessarily apply to me. How do I use this to shop around for the best rates? Please tell me what rates apply to me. So this protocol was designed to improve that experience for the

Finance committee  That may be a label that another network uses. We have assessments and transaction fees.

Industry committee  We can try to do some research on that, but the cost of processing the transaction isn't something that's considered in Canada. There's a paper by Jack Carr that says that the only appropriate basis for interchange is to look at value versus cost recovery.

Industry committee  Yes, I'd say that.

Industry committee  Australia was very much like Canada in that respect before this regulation was put in place. Things like chip deployment, contactless payments, and security systems all need proper economic framework for investment. When you hear from Interac, they'll say they need economic rati

Industry committee  At that low economic value level you need to have enormous scale to play. Small players and niche players have to go. They can't play. It's important that when you look around the Canadian environment, price competition and feature competition have been led by niche and innovati

Industry committee  That's MasterCard.

Industry committee  The acquirer collects it, passes it along to us, and we pass it along to the issuer.

Industry committee  That's correct.

Industry committee  Yes.

Industry committee  No.

Industry committee  No, the bank is not involved in setting it. Asking them what they want is not going to balance—

Industry committee  I'd have to challenge your analogy. We're saying to one side of the two-sided network that is our business that this is how much the participation of this participant's cardholders will cost you if you decide to accept the proposition. That's almost like a wholesaler saying this

Finance committee  We can try to do some research on that, but the cost of processing the transaction isn't something that's considered in Canada. There's a paper by Jack Carr that says that the only appropriate basis for interchange is to look at value versus cost recovery.

Finance committee  Yes, I'd say that.