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Canadian authorities to probe debit, credit card fees
March 9, 2009
Finextra:A shake-up of the national payments industry in Canada is on the way, as the government spearheads efforts to take a closer look at the payments infrastructure in the country. The concern of governmental authorities stems from plans to make the country's bank-owned Interac body a for-profit entity. Interac has been in talks with the country's competition bureau over the proposed restructuring, which is expected to fight off increased competition from credit card companies such as Visa, which is entering the debit market in Canada. Diane Brisebois, president and CEO, Retail Council of Canada, said: "We must not allow debit card services to end up like the credit card market, where rates are jacked up to provide ever-more profit for the card issuers and the card companies."
Trends / StatisticsTransaction ProcessingRegulation / LegislationEFT NetworksDebit / CreditNorth America
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