Statement from MasterCard Canada
TORONTO, November 19, 2009 – MasterCard’s focus is, and will continue to be, on operating a reliable, efficient, convenient, and secure payment system that delivers value to all stakeholders—including consumers—in Canada’s highly competitive payments market. It is against this focus that MasterCard will evaluate the financial, operational, and market impact of the proposed Code of Conduct for the Credit and Debit Card Industry in Canada announced by the Minister of Finance today. MasterCard plans on actively participating in the consultation process.
“Today’s announcement and the Code should resolve a commercial dispute for which the global retail lobby operating in Canada has sought government intervention over private negotiation,” said Kevin Stanton, President, MasterCard Canada. “A code issued by the Minister of Finance must be taken seriously and establishes a de facto standard of conduct. In particular, MasterCard will review how the Code of Conduct for the Credit and Debit Card Industry could alter the competitive landscape and will take measures to safeguard its continued ability to deliver value and innovation to all stakeholders. Nevertheless, MasterCard believes that in formulating the proposed Code the Minister has undertaken a comprehensive and diligent review of a complex matter involving disparate claims.”
In 2008 MasterCard celebrated 35 years of providing Canadians with unparalleled payments value. Over the last decade MasterCard has been a leading Canadian payments innovator with its introduction of retail and other non-traditional card issuers, chip, PayPass™ contactless technology, and, most recently, Maestro®. Maestro is MasterCard’s global debit offering in Canada that is available to merchants at a flat fee that is substantially lower than Interac’s and provides greater reliability and global reach.
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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