Interac to Remain Non-Profit (Article)
(source)n a decision Interac described as "disappointing," the federal competition watchdog said Friday that it could not support the debit service provider's bid to become a for-profit company.
However, the Competition Bureau opened the door to agreeing to other changes in Interac's business model that would make it more competitive with Visa and MasterCard as the two multinational giants prepare to enter Canada's $163 million a year debit market.
For example, Interac could become a privately incorporated company with more independent directors on its board, said Adam Fanaki, a lawyer with Davies Ward Phillips and Vineberg, which advised the bureau on its decision.
Comments? On one hand, I am not a user of interac due to the greater potential impact of any fraud on my account.
But I don't like what I see here because it open the door to pushing the fees for the credit/debit processing industry upwards, which really hurts small businesses and raises the cost of goods and services for everyone.