We notice you are visiting from a U.S. Internet provider. 
20/11/2009 -
Following Finance Minister Jim Flaherty's announcement Thursday of the new code of conduct for the debit and credit card industry, the country's dominant debit card payment processing network - Interac - has announced that it applauds the effort and will be working with Flaherty to improve the proposed code of conduct."Changes taking place in the Canadian debit market today are creating significant issues that cannot be ignored if Canadian merchants and consumers are to have a debit marketplace that continues to work for them," said Mark O'Connell, president and CEO of Interac Association. "By taking this step, Finance Minister Flaherty is recognizing the importance of debit payments in Canada and the concerns that have been raised, particularly by merchants."
Interac has been threatened recently by the forthcoming entry of MasterCard and Visa debit offerings into the Canadian market, which will disrupt the debit card payment processing network's long-held dominance.
While Visa has claimed that more competition in transaction processing will be to merchants' benefit, Interac has expressed concern over its ability to continue offering low-cost debit processing when faced with Visa and MasterCard competition, especially given the question of priority network routing.
