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19/04/2010 -
Interac Association, Canada's dominant debit card processing network, recently expressed its approval over the final payment processing code of conduct released by Finance Minister Jim Flaherty last week, calling it "appropriate and pragmatic."The association had feared that the pending entry of MasterCard and Visa into the Canadian debit card market would push out the nonprofit association, which has lower transaction fees.
The code of conduct allows merchants to receive more transparent information about the payment processing networks they can offer, and allows the continuation of complementary co-badged debit cards.
"Maintaining complementary co-badged debit cards is an elegant solution to a whole host of concerns caused by competitive co-badged cards," said Mark O'Connell, president and CEO of Interac Association. "It upholds what exists in Canadians' wallets today and, at the same time, enhances the competitive debit landscape in Canada by promoting fair and healthy competition."
When the entry of MasterCard and Visa was first being discussed, Interac applied to have its status changed from a nonprofit entity to a for-profit entity, but was denied.
In 2009 alone, Canadians processed almost 4 billion debit card transactions, according to Interac statistics.
