Tony Maraschiello of MasterCard Canada accuses retailers of a “cash grab” simply because we are asking for some control of the credit card companies’ “cash cow.”He suggests a disinformation campaign by retailers, but he doesn’t dispute the facts: Visa and MasterCard control 80 per cent of the market in Canada and they are unregulated.
These foreign-owned credit card companies collected over $4.5 billion in interchange fees from Canadians last year.
