MasterCard Comment on Senate Initiative
Strong Canadian financial sector has ensured payments system stability for Canadian merchants and consumers
TORONTO, March 5, 2009 – MasterCard looks forward to the opportunity to take part in discussions at the Senate Standing Committee on Banking, Trade and Commerce so that a full and fair discussion can occur regarding merchant participation in the card payment systems.
“The many benefits Canadian merchants receive from card acceptance continue to be downplayed,” said Kevin Stanton, President, MasterCard Canada. “I look forward to the opportunity to discuss the important role card payments play in helping maintain a well-functioning financial system in Canada.”
The Canadian credit card payment system works well and is an important source of credit for Canadian consumers, and provides secure, reliable, guaranteed payment processing for merchants. There is vigorous competition, continual product improvements, and global usage. Canada has fostered a healthy financial industry that is responsive to marketplace and consumer needs and continually improves its offers and services while managing exposure to risk.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
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