Interac Association, a Canadian organization, received some disappointing news as their bid to be a for-profit organization was rejected by the Competition Bureau. However, it's not all disappointment as the Competition Bureau agreed to changes in Interac's business model (i.e. they could become aprivately incorporated company with more independent directors on its board) to make it more competitive with Visa and Mastercard.
Mark O'Connell, Interac Association's president and CEO said, "It's not the full solution we need but it allows us a step forward. It's a first down, not a touchdown".
The Retail Council of Canada said they appreciate the bureau's decision to weave changes in Interac's business model to be more effective. Diane J. Brisebois, the president and chief executive of RCC said, "It's impossible when the people who sit around your board table are also making deals with Visa and MasterCard at your expense." Furthermore, the chief executive officer of the Canadian Federation of Independent Business also expressed her disappointment with the decision to reject Interac's request. She commented that to suggest that Interac becoming a for-profit organization would be anti-competitive against giant companies like Visa and MasterCard is "laughable".
VIA thestar
