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Retail Council of Canada applauds decision of House of Commons Standing Committee on Industry to review proposed restructure of Interac

Toronto, March 5 – Today's announcement by the House of Commons Standing Committee on Industry that a review of the proposed restructuring of Interac will be undertaken, is being applauded by Retail Council of Canada (RCC) and heralded as a victory for Canadian retailers and their customers.

"On behalf of our members, I want to thank the Committee for undertaking this review," says Diane J. Brisebois, President and CEO, Retail Council of Canada. "Canada's debit system is recognized as one of the best in the world. Retail Council of Canada is very concerned that the main outcome of the proposed restructuring of Interac will be a dramatic increase in the cost of debit card services for retailers and their customers. We have been working hard to ensure the voice of Canadian retailers is heard on this issue because it could have a profound impact on their businesses and ultimately their customers."

Under the proposed restructuring, Interac would change from its current not-for-profit structure to a for-profit operation. RCC is concerned that this will result in a new fee structure. Retailers will be forced to pay higher fees that Interac will just turn over to the card-issuing financial institutions. Says Ms. Brisebois, "We must not allow debit card services to end up like the credit card market, where rates are jacked up to provide ever-more profit for the card issuers and the card companies. Today, retailers and their customers face serious economic challenges. It is the worst time for Canada to allow changes designed to pull more money out of the pockets of retailers and consumers, especially when it will be used to make debit even more profitable for financial institutions than it is today."

Ms. Brisebois adds, "We hope the committee will use its hearings to look for a future structure for the debit card market that is innovative, low cost, and above all focused on the needs of cardholders and merchants, not card issuers."

About Retail Council of Canada
Retail Council of Canada (RCC) has been the Voice of Retail in Canada since 1963. We speak for an industry that touches the daily lives of Canadians in every corner of the country by providing career opportunities and investing in the communities we serve.

RCC is a not-for-profit, industry-funded association representing more than 43,000 store fronts of all retail formats across Canada, including department, specialty, discount, and independent stores, and online merchants.

RCC is a strong advocate for retailing in Canada and works with all levels of government and other stakeholders to support employment growth and career opportunities in retail, to promote and sustain retail investments in communities from coast to coast, and to enhance consumer choice and industry competitiveness. RCC also provides its members with a full range of services and programs, including education and training, benchmarking and best practices, networking, advocacy, and industry information.

For further information, please contact us.