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Results: 1 - 15 of 24
Keith Hillier
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Keith Hillier
2012-03-08 16:04
I want to be clear on the direct deposit. Veterans have been receiving direct deposit of their pension cheques and their disability awards for many years. The change is with respect to reimbursements for travel, medical, etc. In fact, approximately 50,000 veterans in the last year have taken advantage of the fact that they can get their reimbursements much faster through direct deposit.
Katleen Félix
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Katleen Félix
2012-02-15 15:45
I would like to thank you for inviting us to appear before you today to talk about the role of the private sector.
My presentation is going to be in French. I am a francophone from Montreal. I grew up in Montreal and I studied at HEC Montréal. It is a great honour for me to be here today and to be able to share our experience in Haiti with you.
I have submitted documents in both French and English. I have a few others but they are in English only. I have Fonkoze's annual report and social performance report.
The social performance report and the annual report are here, and I also have some small flyers about Zafèn, which that I will speak about a bit later.
I was told that I had to do both at the same time, and that is what I am going to try to do. There are some pictures missing, but that is not a big deal.
First of all, Fonkoze is a microfinance institution in Haiti that has been around for over 16 years. We have more than 270,000 savers and more than 60,000 credit clients. The founding principle on which we operate is that women are the backbone of the economy. You can’t just give them a loan; you also have to support them in their fight against poverty. If you just give them money, it is not going to work.
We are also talking about the fact that all Haitians must participate in the Haitian economy. So, in a commune or in a communal section, we make sure that everyone participates, even those who are very poor and who are not necessarily able to do business. We include them in the process. We will talk about this later.
Democracy cannot survive in Haiti without an economic democracy. That is quite important. Father Joseph, the founder of Fonkoze, has always said that there will be no democracy in Haiti if people do not have access to finance, or if people cannot have savings and access to insurance or credit to run their business. It may seem trivial, but those are the facts. The poor cannot think about voting and about being involved in politics if they don't have access to finance first.
The final pillar is the Haitian diaspora and that is what I am most involved in at Fonkoze. The general feeling is that there will be no opportunities in Haiti as long as the diaspora—Haitians living abroad or migrants who left the country—does not get involved in the Haitian economy as well. So we support their efforts. We know they send $1.8 billion annually in remittances.
How can we make those money transfers smoother? Most transfers are definitely for consumption. But some of those transfers are for investments. Yet investments are not always successful. Problems may crop up. We are trying to find ways to support people and to make those investments possible so that they are not lost.
I have already provided an outline. We have 46 branches across the country with over 900 employees, and 99% of our clients are women. We have over 60,000 credit clients, representing a $16 million credit portfolio. We have 270,000 savers; that’s a $26 million portfolio in savings from the people who save with us. Last year, we had $96 million in remittances from the diaspora. And we have about $34 million in assets at Fonkoze.
Essentially, Fonkoze's mission is to eliminate poverty. You can see all the branches we have. I mentioned that there were 46 branches; we got the country covered. It is very important to keep that whole territory in mind. When you talk about partnerships with the private sector and when my colleague talks about an existing microfinance infrastructure, it is an infrastructure that can make marketing possible and that can promote involvement in health, for example, or other involvements. The infrastructure is there and, since all the branches have computers and satellites, they can communicate with each other. This is quite a significant infrastructure. Once again, with 900 employees, we are not a small organization.
You see a bunch of little dots. We have a number of credit centres; we have 1,750 centres across the country. Groups of women get together to receive credit, but also to receive financial and health-related training. The training does not necessarily have to be about financial matters. It can be about something else.
All those centres are active. They have meetings every week or every two weeks. Here is quite an interesting image to help you see that our credit officers cross rivers and climb mountains. That is why I wanted to show you this picture. In some cases, they risk their lives to reach our clients. Here is an example of a group.
As I was telling you, microfinance is not just microcredit. It also entails microsavings, microinsurance, microcapital, money transfers, as well as any non-financial services. We are talking about financial literacy and leadership training to ensure that people can stand up to talk about their problems and seek solutions. Those are some of the issues that the groups deal with.
Here is what we call the “Staircase out of Poverty”, which includes all the products and services provided by Fonkoze to alleviate poverty. I will not go into too much detail, given the time I have, but we offer a number of products to clients, depending on where they are at. Some are very poor and are not able to run a business. They are really too far down the poverty ladder. What they need first is an 18-month program, involving a case manager. They meet with the case manager every week to talk business. They learn to read and write or to at least sign their names. We also do asset transfers. We give them young goats that are part of what we call the livestock. We show them how to start a small business, but we cannot give them credit right away. We have to reintegrate them first. This is called the Chemen Lavi Miyò program or the Road to a Better Life. It is in purple at the bottom.
Once they complete the program, they usually have more stability. Their homes are more stable. The children go to school and eat fairly regularly. They are able to cope with everyday problems. This stability enables them to either be part of a credit process or to work perhaps, which is quite significant. We realized that by limiting ourselves to solidarity-group credit, so by working with groups, we were leaving many people behind who could not access this type of credit or, if they had access, they were not able to succeed.
Once the solidarity group stage is complete, and they have gone through all the processes, the people can access personal credit in the official sector. That is a milestone. Actually, nothing has been official yet. It is at this stage that it becomes official. People have access to various types of credit. This is when additional guarantees come into play. We can offer them various products. It is quite an integrated approach through which we really target people based on where they are in society and on their ability to have access to finance.
In terms of our promise, we measure it in the social performance impact report that we are committed to produce each year. We check if things are working or not, but we promise our people that they will have food daily, that their children will go to school, that they will learn to write regardless of their age—for example, this lady was quite old, but she learned to read and write—and that they will have tin roofs, cement floors and latrines, which is quite something. They will be able to accumulate assets. They will also be able to face the future with more confidence. Being part of a network enables them to take care of some problems without waiting for international aid. As I said, we also measure the social impact.
As for the people in Canada with whom we do business the most, I am not sure if you have heard of ROCAHD or the Regroupement des organismes canado-haïtiens pour le développement. It has been around for over 20 years. When Father Joseph had the idea of founding a microfinance institution, the people from ROCAHD, this Haitian association in Canada, were the first ones to believe in Fonkoze. That is where Fonkoze got its first loan, a loan of $12,000.
I found that approach very interesting, especially since, in looking at the investments of Haitians abroad, we are now wondering how to improve the flow. So it is a good thing that they had the vision that this could work.
Since 2010, the KANPE foundation, with Arcade Fire, have been raising funds and have been working with us specifically in a village called Bay Tourib, in the Central Plateau, where we have set up the CLM program or Chemen Lavi Miyò, which targets the poorest of the poor, and Partners in Health.
Partners in Health, co-founded by Paul Farmer.
In terms of the general public, Zafèn is a program for small and medium enterprises. It is a bit like Kiva, but really aimed at small and medium enterprises. You can take a look online and see a list of businesses and the types of loans they are looking for. You can set up the loan online.
Canada is the second most active country for us. The number of participating Canadian taxpayers is growing by the day. It is always surprising to see the number of visits we get.
In terms of interest for Canada, I think we need to talk about microinsurance. I won't go too far into that, but I would just like to say that this component might need to be addressed. If your committee is interested, we could send people to talk about microinsurance. Développement international Desjardins (DID) is on the market looking for agricultural microinsurance. We have microinsurance for disasters.
We also have life insurance. The insurance model works if we have enough volume. For example, DID started to develop its own insurance. So we would have competition. People would certainly benefit from it, but there would be more profit if we could agree on only one insurance model for the same population. So I would like to throw this idea out there to look into microinsurance. We have actually developed quite an attractive model. There are even countries other than Haiti that are studying this model and that would like to use it.
To conclude as far as Zafèn is concerned, we have an investment fund that might be of interest to you if you are looking to support small and medium enterprises. I am not talking about micro-enterprises. I am talking about businesses that create jobs, more than four or five jobs, and that give back to the community. That is what we are looking at.
It is equally interesting to see that the diaspora is also suggesting businesses in which to invest. We can help the ones that are viable through Zafèn. So that approach might be a way to support the Haitian diaspora in Canada.
Finally, there is always the vulnerable segment. When we talk about development on a large scale, we cannot forget about those most in need, the poorest of the poor. The Chemen Lavi Miyò program has demonstrated results. I have some statistics that I can share with you if you have any questions. This is something that can be done very easily. I would also like to invite DID to consider a partnership.
So there you go. Thank you.
Daniel Kelly
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Daniel Kelly
2011-11-21 17:02
There are a few things we have publicly asked Minister Flaherty for. One is to ensure that the issues under review by the Competition Bureau are codified. The Competition Bureau is asking to allow firms to refuse to accept certain cards if they don't like the price. It will also allow them to surcharge for accepting a credit card.
These are powers that would be seldom used by small business. But they would be important in pushing back against the tidal wave of fees that small and medium-sized firms have experienced over the last couple of years. These are powers that the Competition Bureau has said are anti-competitive on the part of VISA and MasterCard, and it is taking them to the Competition Tribunal on that. We're asking for those to be codified. We're also asking for some better dispute settlement processes in the code.
As to the whole e-commerce field, though, the code doesn't speak terribly loudly about mobile technologies. I think we need some additional provisions to ensure that we can offer mobile technologies compliant with the code. There are easy ways to make that happen. We're not suggesting for a second that anyone needs to carry multiple cellphones to be able to make different types of mobile payments. These things can happen. Our concern was about the attempts of VISA and MasterCard to piggyback on Interac's debit card network across Canada, to use it to expand their marketplace.
The most important provision is that VISA and MasterCard need to go out there, as PayPal has done, and try to convince individual merchants and consumers of the benefits of their model. If that's happening, we're happy. But under the earlier VISA and MasterCard proposals on debit, even with online debit, as happened with VISA and CIBC, there were some provisions that didn't allow that to happen.
View Glenn Thibeault Profile
Ind. (ON)
View Glenn Thibeault Profile
2011-11-21 17:07
Thank you, Chair. I'm also splitting my time with Mr. Caron.
Very quickly then, Mr. Kelly, we've been talking a lot about merchant fees and everything else, but this is not just coming, it's here. Let's be clear, e-commerce is here. Mobile payments are here.
What are the obstacles out there facing the small and medium-sized businesses, and is there anything we can do at this committee, at the government level, to ensure that we're helping Canadian small businesses prosper in e-commerce?
Daniel Kelly
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Daniel Kelly
2011-11-21 17:08
To the second part of that, we need to ensure that the payments task force reports quickly, and that any provisions related to mobile technologies are embedded in the code of conduct quickly. Those would be helpful measures, from our perspective. Ensuring that the game is not entirely a Visa or MasterCard game would also be very helpful, from our perspective.
The reason we've not been excited about the idea of regulating fees is that there are all sorts of unintended consequences that happen when you regulate fees. We've seen that happen in the U.S. where they regulated debit, and for many small merchants their fees actually went up, as opposed to down. The code is really the solution to that. There are fairly easy ways of making that happen to allow mobile payments, without necessarily getting to the glue of a fee palooza that took place on the in-store side.
View Guy Caron Profile
NDP (QC)
Thank you very much.
I'd like to go back to the phishing issue. Mr. MacMullin, you gave a lot of answers, but they were mainly about what you were doing to deal with the problem. I'd like to have some more quantifiable points regarding the barrier that can represent.
How much of a problem is phishing at this point? How far are you in terms of consumer confidence in solving the problem to the point at which consumers who haven't adopted, say, PayPal or online banking services, are convinced that the problem has been solved?
Darrell MacMullin
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Darrell MacMullin
2011-11-21 17:09
I think fraud is never 100% solved; it's continually evolving. It doesn't matter if you are creating new technologies or new forms of payment, there is always going to be some sort of an arms race. As soon as you think you've solved it, there's something else that's new. We've prided ourselves as a technology in being ahead of that curve, particularly for both merchants and consumers.
When we look at the number of instances that have happened, in particular with PayPal, they are down dramatically. I don't have the numbers off the top of my head, but I'd be happy to give you a written answer afterwards on what our stats have shown over the last several years.
Part of that is our building up better ways of identifying these frauds. But we're also working with other technology providers. With email distributors like Hotmail and Gmail, browser technology has improved to be able to identify what are true digital signatures, digital certificates within e-mails and websites. So if you click on an email that takes you to a website that looks like PayPal or looks like your bank, it's not only PayPal that's protecting you but also other technologies, such as browsers and the like, are helping there.
Kirkland Morris
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Kirkland Morris
2011-11-16 15:31
Thank you very much.
Good afternoon, Mr. Chair and members of the committee.
Thank you, indeed, for the invitation to appear before you today to discuss the e-commerce market in Canada.
I will start out with a brief overview of who we are and what we do, the services that we offer, and then focus on the key elements of our business that relate more specifically to your study. I will also comment on the importance of having a healthy, competitive payments market to facilitate commerce, both physical and electronic.
You have a brief deck in front of you and we'll follow along through there.
Interac is Canada's leading payment brand. Our organization operates a world-class, economical debit system that serves Canadians well. We are also Canada's only domestically run, coast-to-coast debit payment network, handling about 57% of all card payment transactions in Canada.
Canadians paid with Interac nearly four billion times last year. Indeed, we are among the world's most active users of debit cards on a per capita basis. Interac also has a strong and rooted history of being merchants' economical, flat-fee-per-transaction payment method.
We are a leader in the prevention and detection of debit card fraud, and consumers are fully protected from fraudulent transactions via our zero-liability policy.
We securely connect Canadians to their money at the ABM, at retailers in Canada and the United States, and online through web-based services: Interac Online and Interac e-Transfer. We are currently rolling out Interac Flash, a contactless enhancement of Interac Debit, and are moving our payment solutions forward into the mobile space.
With that introduction, I'll provide a little more detail about some of these products and enhancements, the ones that relate most directly to your study today, including our extensions into the mobile environment.
Let's start with Interac Flash. It is an enhancement of Interac Debit and Canada's first contactless debit payment solution. It also provides the platform for mobile NFC proximity payments. In fact, we plan to be in market with a mobile solution in 2012.
We estimate that Canadians make roughly $90 billion in purchases under $20 using cash and coin each year. Interac Flash allows cardholders the choice of paying for these smaller purchases faster than ever before by simply flashing an Interac chip debit card at a reader that supports Interac Flash, rather than inserting the card and entering a PIN. This increased speed helps merchants improve customer throughput by reducing the time they spend processing payments, particularly handling cash.
Interac Flash is secure and protected against tactics such as electronic pickpocketing. It leverages EMV-based secure chip processing, existing chip debit infrastructure, strong consumer protections, zero liability, and other features unique to Interac Association.
Scotiabank and RBC are the first financial institutions issuing Interac Flash cards.
In the online space, Interac Online is a unique solution that allows web-banking customers to securely make payments on the Internet directly from their bank account without providing any personal financial information to the merchant or service provider, not even a card number.
Despite what one of our competitors asserted at your last meeting, Interac Online is offered by more than a “handful” of merchants. Indeed, it is a growing service available at more than 750 Canadian online merchants, including Indigo, Cineplex, Roots, VIA Rail, telecommunications companies such as Rogers, Telus, and Virgin Mobile, and numerous universities, municipalities, and government agencies, including the Canada Revenue Agency.
Interac e-Transfer allows Canadians to send and receive money across the country in near real time, from one bank account to another. Transactions are done quickly and securely through web or mobile banking without the sender needing to know any of the recipient's banking information.
Available to more than 10 million web-banking customers through over 70 financial institutions and with a growing list of institutions offering e-Transfer through their mobile banking apps, this rapidly growing service represents a quick and cost-effective alternative to cheques and wire transfers.
While primarily a person-to-person solution, the service is also gaining popularity among small businesses, as an inexpensive and guaranteed way to received funds from customers. With future enhancements, e-Transfer also offers the potential to extend into the business-to-business and electronic-invoicing space.
Finally, having given you a sense of our role in the e-commerce arena, I want to close by discussing the importance of having a healthy competitive payments market to facilitate commerce. The payments landscape is changing rapidly, and how it evolves will have a significant impact on Canadian consumers, merchants, and businesses.
For the benefit of all stakeholders, including government, I believe that we must ensure that the payments marketplace in Canada remains healthy, competitive, innovative, safe, and secure, and that the system works for all participants. Sound regulation plays an important role in this outcome.
The code of conduct for the credit and debit card industry in Canada introduced by the Minister of Finance in April 2010 is an excellent example of a pragmatic solution to marketplace problems that has helped to promote more effective and fair competition. Despite what some market participants have argued, the code of conduct is not anti-competitive. On the contrary, debit competition at point of sale remains open, fair, and transparent. In fact, the code of conduct has helped to push competition into the open and to force payment networks and service providers to demonstrate value to end users as a condition to winning their business. As such, we believe that the fundamental public policy objectives of the code of conduct, most notably its focus on transparency and choice for merchants and consumers, can and should be maintained and applied to other payment technologies, including mobile.
Thank you. I look forward to answering your questions.
Diane Brisebois
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Diane Brisebois
2011-11-16 15:44
I will summarize. Thank you, Mr. Chair.
We went over some documents during our last presentation.
I'm not sure they were circulated today, but I certainly will not go over those notes. I thought it was important to be invited again—and thank you—to comment on the voluntary code of conduct for credit and debit cards, and particularly the misleading comments made by VISA and MasterCard during their testimony. I don't use my words lightly.
We thought we would go on record to ensure that the committee understood the point of view of small, mid-sized, and large retailers in this country. Let's be clear: Retail Council of Canada only speaks for merchants; it does not speak for other businesses. Its membership represents
80% of total retail sales in Canada.
So this is from the retail perspective.
We believe the code did serve the retail community well by ensuring that retailers could say yes to VISA credit or MasterCard credit, but be allowed to say no to VISA debit or indeed MasterCard debit. That was extremely important. As we heard Kirkland discuss, there's a huge difference between the price of accepting a credit card and a debit card, specifically an Interac debit card.
We believe, however, that the code now needs to address fair competition in the mobile and online world, so that transparency and choice are still available to merchants, specifically small and mid-sized merchants.
We also believe that the Competition Bureau needs to move on the Interac restructure, to ensure that there's a healthier and more effective governance model, so that Interac can reinvest and be competitive in the mobile and online world.
Mr. Chairman, I'll end by just adding a few comments in French.
Retail electronic debit and credit card services benefit two parties: merchants and consumers. Consumers enjoy payment choices and the ability to buy goods instantly through debit cards or credit lines. But while consumers are free to choose their method of payment, merchants must absorb differing costs.
A 2010 Competition Bureau press release suggests that the purchase of $400 worth of tires costs a merchant 12¢ if the customer uses a debit card, and $12 if the customer uses a credit card that carries a 3% fee. And it goes without saying that the costs are also a reality when it comes to mobile and online technologies. So we are here to ensure that the Interac system continues to be available in stores, as well as online and in mobile payments.
Thank you.
Terry Campbell
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Terry Campbell
2011-11-16 15:48
Thank you very much.
I'd like to update Mr. Revell's title. He just got a new job. He's also doing two jobs at once—the senior vice-president and chief information officer of retail and business banking at CIBC. Outside of his banking hours, he spends a lot of time supporting tech start-ups, particularly in the Kitchener-Waterloo area. I thought you should know that.
Good afternoon. I want to thank you for inviting the CBA to participate in these hearings.
There are three things I want to talk to you about today. Let me start with online banking.
This committee has considered what e-commerce might look like in the future, but it's important to recognize that here in Canada today, we have a successful example of Internet-based commerce that can serve as a model for the expansion of e-commerce in other areas of the economy. Obviously, I'm talking about online banking, which Canada's banks offer to their 25 million customers across the country.
Online banking is the most widely used form of Internet commerce in Canada, with over two-thirds of Canadians reporting that they used online banking in 2010.
Whether it's paying the phone bill, the cable bill, utilities, toll roads like the 407 north of Toronto, newspaper subscriptions, or a whole host of other kinds of invoices, Canadians can do all of this and more online through their bank's website. They can also transfer funds between accounts. They can buy and sell stocks. They can invest in mutual funds. They can send money to friends and family. They can buy travel insurance. The list goes on.
As you know, technology continues to evolve. As this committee has heard, for example, from a number of other organizations, we're now offering mobile banking services that allow Canadians to carry out a variety of day-to-day banking transactions through their smart phones. In the future, it was just recently announced, Canadians will also be able to use their bank authentication credentials to obtain access to online services provided by the Government of Canada.
This leads me to my second key point, and that's the critical factor of trust. Underpinning the banks' e-commerce experience is the single most valuable commodity for any online provider, and that is consumer trust: trust that their bank will keep their personal information and their financial resources safe; trust that the bank will deliver on its promises—deliver its product, deliver its services; and trust that the bank will provide them with a recourse mechanism and protection for consumers, should something go wrong along the way.
Research shows that Canadians—82% of them, in fact—are confident that banks continually update their technologies so online and electronic transactions are safe. And that confidence is justified. Since 1996, banks have invested more than $56 billion to ensure that the Canadian banking system is accessible, convenient, and secure—and those investments in security will continue.
My point is that ensuring robust security standards to protect customer information and to protect the integrity of payment transactions in effect must be “table stakes” for anyone who wants to accept or process customer payments. The question, of course, is how to get there.
We think that building mechanisms for secure digital ID and secure authentication is a key first step, and we know that useful work is already being undertaken in this area by the federal government.
I'd like to conclude with some comments about Canada's effective payments system, particularly payment cards. It's the 25 million consumers in Canada who drive our economy through their purchases. They rely on an efficient and effective payments system that's there for them 24/7. And they derive a great deal of benefit from that.
Consumers in Canada, for instance, have tremendous choice, with hundreds of institutions offering credit cards with a wide range of features that can fit every profile and every pocketbook. Many cards include rewards, and Canadians really value those rewards; they use them. Consumers also benefit from very high security standards, and if there's a problem, it gets fixed quickly and painlessly. You've heard it before at this committee, it's the zero-liability promise.
Consumers benefit, but let's not forget—as Diane was mentioning just a moment ago—so do businesses. For businesses, payment cards speed up the checkout line. Payments are virtually instantaneous, and they provide security of payment. Imagine if every payment transaction took an extra 30 seconds; it would use up an additional 27 million hours of staff time every year. Remember when businesses had to extend credit just to be able to get the sale? Or remember when the store manager had to come by and verify your ID so you could cash a cheque? You don't have to do that any more, because of the payment system we have.
Payment cards also enable online sales, and that helps expand business. Card payments also mean less cash on hand, and that means less cost of counting, handling, and making deposits. And it makes it considerably safer for employees. Consider the teenager working the midnight shift at a convenience store. People go after the cash; they don't go after credit card slips.
The payment system in Canada is very easy to take for granted because it works so well. It's critically important here that future public policy decisions continue to ensure that the efficiency, the resiliency, and the security of the payment system in Canada are not compromised, because the price we would all pay would be a significant and negative impact on the economy.
I would like to conclude just by saying that as this committee and as policy-makers consider the future of e-commerce in other sectors of the Canadian economy, we think some important lessons can be learned from our experience in the online banking world. We look forward to discussing these points and thank you very much for the opportunity of appearing.
Diane Brisebois
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Diane Brisebois
2011-11-16 16:02
Thank you for the question, Monsieur Thibeault.
I think that small and mid-size retailers will be back here in short order to talk about the costs associated with accepting mobile payments. The challenge is that they have very little leverage.
As I mentioned earlier with regard to the code of conduct, because VISA, MasterCard, and their issuing banks were unable to circulate those cards at the point of sale, merchants said, “No, it's too expensive. We want Interac debit. We'll take your credit card. We like it, but we can't afford anything else.”
Our concern is that the code does not protect the online world and the mobile world. They're kind of ignoring the bricks and mortar and are moving their VISA and MasterCard debit, with the different issuers, into the other world. As you know, the costs are substantially higher for merchants to accept VISA debit versus Interac debit.
What's interesting, in closing, Mr. Chairman, is that they always talk about more competition, that Interac has a monopoly. It's funny that a monopoly is cheaper than the competition. It's odd how that's working. Until such time as they can really bring a competitive product to the market and there's an association between the cost we pay and the service provided, I think the code needs to continue to be refreshed so that we can ensure that they are transparent and competitive.
View Glenn Thibeault Profile
Ind. (ON)
View Glenn Thibeault Profile
2011-11-16 16:03
We all have our technologies with us--BlackBerrys, iPads, iPhones, whatever it is. There are new developers coming out daily, almost, with a new app to process a payment. Many of them are for small and medium-sized businesses. That's where I think the fear is.
Mr. Campbell, we had VISA and MasterCard here. MasterCard is saying that there's going to be no cost for some of their applications. VISA can't give us an answer; they say that they have to make sure this is coming out.
We know that the merchant fee is a concern. Are the banks looking at putting another percentage point on some of these transactions? What can we see from the banking industry in relation to mobile and e-commerce?
View Peter Braid Profile
CPC (ON)
Thank you.
A question for the CBA: Mr. Campbell, in your presentation you talked about the importance of updating technology to ensure that transactions are safe and secure. Can you just bring us up to date on what the latest version of this technology is? How has that evolved in the last couple of years? How rapid is the evolution?
David Revell
View David Revell Profile
David Revell
2011-11-16 17:10
Sure, I can cut in on that.
In terms of security, the current generation of technology is basically chip and PIN. That's a standard of security. And the question is how do we actually extend chip and PIN functionality through all the other channels? When we talk about mobile payments and the state of the art, we talk about NFC, near field communications, and being able to do payments off your phone, etc. In behind it is the same type of state-of-the-art security of chip and PIN.
View Peter Braid Profile
CPC (ON)
Could you bring us up to date, then, on what the current status or what the current state of the technology is? How would you describe it in terms of bit technology or security?
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