TORONTO, July 12, 2013 /CNW/ - The Canadian Federation of Independent
Business (CFIB) welcomes today's decision by the Competition Bureau to
approve Interac's restructuring plans.
"The Bureau's decision will allow Interac to remain competitive in the
rapidly changing payments market," said CFIB president Dan Kelly. "CFIB
believes the improved governance structure and abilities to innovate
will ensure Interac remains a low-cost, flat-fee payments system for
In recent years, CFIB has led efforts - such as the Code of Conduct for
the Credit and Debit Card System - to bring fairness to the card
processing industry. "For a small business to process a $50 sale, a
credit card can be 20 times more expensive than an Interac Debit Card,"
added Kelly. "Without a strong Canadian-owned Interac, merchants and
consumers would be left to the big multinational credit card giants and
their much higher fee structures."
With this important decision from the Competition Bureau, CFIB's
attention turns back to the impending decision of the Competition
Tribunal in the case against Visa and MasterCard. "We are waiting
anxiously to learn if merchants will be granted the powers to surcharge
or refuse certain high cost cards," concluded Kelly.
CFIB is Canada's largest association of small and medium-sized
businesses with 109,000 members across every sector and region.
SOURCE: Canadian Federation of Independent Business
For further information:
To arrange an interview with Dan Kelly, please call Eli Schuster at 416-222-8022 or by email at firstname.lastname@example.org