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Finance committee  I'm very afraid that outside of making sure that the competitive laws of Canada are working and that competition is governing behaviour, this will result in unintended effects, specifically a reduction in competition and an exiting of the market by small players, creating barrier

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  I think there's no doubt there has been a reaction to end-user pricing. I think that's an understatement. But as I mentioned to Mr. Thibeault, some of the numbers we heard mentioned yesterday were surprising, because they don't bear relation to the increases we put in place. In

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  Well, we don't give notice to the merchants, but we always give at least six months' notice to the acquirers, who then turn around and give what notice they're required to give to the merchants.

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  Well, their contracts generally do. Maybe Andrea could speak to that, because—

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  Our gas rate went down.

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  It went from 145 to 136.

May 14th, 2009Committee meeting

Kevin Stanton

Industry committee  As a consumer you won't be paying anything for Maestro. It is a fee paid by the acquirer to MasterCard. There is no interchange on Maestro. There's a single flat fee of half a cent. That eventually is what the merchant pays.

May 14th, 2009Committee meeting

Kevin Stanton

Industry committee  I think that it's fair to say that there is a failure of understanding on the merchant side of the business. On the issuing side of the business there's a very robust disclosure regime that doesn't exist, and perhaps should exist, for small merchants. There are existing federal a

May 14th, 2009Committee meeting

Kevin Stanton

Industry committee  Yes, they adopted specific price controls. I think it's important to note that the Reserve Bank of Australia has removed those restrictions at this point. Their reason for it is to see what happens.

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  As a consumer you won't be paying anything for Maestro. It is a fee paid by the acquirer to MasterCard. There is no interchange on Maestro. There's a single flat fee of half a cent. That eventually is what the merchant pays.

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  I think that it's fair to say that there is a failure of understanding on the merchant side of the business. On the issuing side of the business there's a very robust disclosure regime that doesn't exist, and perhaps should exist, for small merchants. There are existing federal a

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  Yes, they adopted specific price controls. I think it's important to note that the Reserve Bank of Australia has removed those restrictions at this point. Their reason for it is to see what happens.

May 14th, 2009Committee meeting

Kevin Stanton

Industry committee  That's our strategy--just as they can't rule out that we will be higher than they will.

May 14th, 2009Committee meeting

Kevin Stanton

Industry committee  MasterCard makes these decisions on a country-by-country basis. I don't see MasterCard debit as being appropriate for this market because of the pricing environment. To answer your question, it is our strategy to remain at a lower flat fee than Interac. We know what it is because

May 14th, 2009Committee meeting

Kevin Stanton

Finance committee  MasterCard makes these decisions on a country-by-country basis. I don't see MasterCard debit as being appropriate for this market because of the pricing environment. To answer your question, it is our strategy to remain at a lower flat fee than Interac. We know what it is because

May 14th, 2009Committee meeting

Kevin Stanton