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04/11/2009 -
While many Canadian merchants are wary of the entry of Visa and MasterCard into the debit market, Visa has denied claims that it attempts to squeeze the current Interac debit processing network out of the market.Mike Bradley, head of products for Visa Canada, told the Toronto Star that the current debit payment processing system "monopoly" is unsustainable, and that the $168-billion debit market will benefit from more competition.
In addition, Bradley told the news provider, the introduction of Visa debit cards will be more convenient for Canadian consumers, as they will be able to use the debit cards for online purchases and international travel.
"I am extraordinarily proud of our national payments system but I find it embarrassing that you can get in France, in Australia, in Nigeria, a debit card that allows you to buy stuff online, pay for your bills, order a pizza on the phone and do all of the things that you can't do today with your debit card," Bradley told the Star.
Debit cards have recently experienced rapid growth in popularity, due in part to the credit crunch and the recessionary focus on personal financial management. Visa recently reported that in the U.S., debit card transaction volumes have surpassed credit card processing volumes for the first time.
