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Results: 46 - 49 of 49
View Gabriel Ste-Marie Profile
BQ (QC)
Thank you, Mr. Chair.
My questions are for the Canadian Bankers Association.
My first question is as follows. During the current crisis, many more purchases are being made online, and most of them are being paid for with credit cards. As we know, credit card interchange fees are generally higher for online purchases than for physical payments. The European Union caps these interchange fees at 0.3%, whereas here the rate is closer to 1.5%, and can even be as high as 3%.
In your opinion, can Canada cap these fees in the same manner as the European Union?
Neil Parmenter
View Neil Parmenter Profile
Neil Parmenter
2020-04-09 16:28
I understand the question and the ask.
Looking at the interchange fees in different jurisdictions is always challenging, because looking at an individual product in isolation often doesn't represent the breadth of the options.
In a lot of these jurisdictions and markets, on debit, for instance, there is interchange on debit payments. We don't have that in Canada. At the best of times, looking at different jurisdictions to try to compare apples to apples when it comes to interchange across a suite of payment products is certainly not comparing apples to apples.
View Gabriel Ste-Marie Profile
BQ (QC)
I gather that your association has no interest in limiting credit card interchange fees.
Your members will receive a great deal of support—
Neil Parmenter
View Neil Parmenter Profile
Neil Parmenter
2020-04-09 16:29
Just to be clear, the Canadian Bankers Association wouldn't have any influence or role in setting prices for any products.
Results: 46 - 49 of 49 | Page: 4 of 4

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