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- Saturday, November 21, 2009, 9:11
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The week has once again come to an end, and we finally saw the long awaited piece of news that can bring an end to the controversy of Visa and MasterCard coming into the debit card market.
Finance Minister Jim Flaherty has released his voluntary code and merchants are pleased with it.
The code addresses many issues that were brought to attention, and it has made financial institutions worry about its effect on the multibillion dollar market.
Flaherty has also made it clear that if people do not comply with the code, he will get tough if he has to and if the code does not work, they can always create an involuntary code.
Visa is not pleased with the code, as it undermines the introduction of competition in the debit market, because merchants are given the ability supersede consumer choice at the point of sale.
We had good concerning Canada’s inflation rate as it went up an entire point, making the inflation rate in the positive.
Once again, I found the code being released to be the biggest piece of information out this week, and we will have to see how financial institutions and both Visa and MasterCard take to the new rules.
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Sensei has written 748 stories on this site.
My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into people’s backs when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top.
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