Visa, MasterCard warn on payments regulationMasterCard and Visa last week presented themselves as champions of the consumer who would be hurt by "price controls" if the federal government acts on a plea by merchant groups to regulate Canada's $500-billion electronic payments system.
But MPs from all political parties weren't buying their argument.
Kevin Stanton, MasterCard Canada president, painted a dismal picture for consumers if government acts on the pitch from the coalition representing 250,000 businesses in retail, grocery, restaurant, hotel and independent sectors. He cited Australia's 2003 decision: "Prices didn't come down, but rewards and benefits went down. The interest rates went up, fees went up and there was reduced competition."
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