Interac plans to introduce a flat fee for e-transfers, replacing its current volume-based pricing model. Smaller institutions currently pay more per transfer than larger ones, prompting scrutiny from the Competition Bureau and parliamentary committees.
Conservative MPs revealed Interac’s fee structure in late October, sparking concerns over competition fairness in financial services. CEO Jeremy Wilmot will testify before Parliament as the Bureau investigates Interac’s pricing practices. Critics, including fintech CEO Daniel Eberhard, argue the tiered model stifles competition. While the flat fee proposal is under review, MPs call for broader systemic reforms.
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