Pulse Studies US vs. Canadian Debit Payment Systems
In a press release today, Pulse EFT Association released the results of a study it commissioned comparing the US debit payments system with that of Canada.
The free market-driven U.S. debit payments system, in which both consumers and merchants have choices in debit processing options, saved cardholders more than $4.3 billion in fees last year when compared to the system utilized in Canada. Unlike in the U.S., every major bank in Canada charges its customers a per-transaction fee every time they use their debit card. Moreover, there is only one form of debit in Canada -- PIN- based -- and it is supported by only one electronic funds transfer network, Interac.
The full report is available online (PDF).
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