Canada’s competition chief has shot down a bid by the Interac Association to become a for-profit corporation, dealing a blow to the country’s main debit system as it prepares for battle with Visa Inc. and MasterCard Inc.The decision by Melanie Aitken, the Commissioner of Competition, means that the possibility of an initial public offering of Interac is now off the table - and that it will likely be easier for credit card giants Visa Inc. and MasterCard Inc. to build Canadian debit businesses.

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