Edmonton -- On Wednesday, December 20, 1995, Capital City Savings and MasterCard International will conduct the first electronic transaction on the Maestro Debit Network in Canada. The pilot event will take place at 10:30 am at "Experience Edmonton", a retail outlet located in the lower level, Eaton Centre.

Maestro, a joint venture between MasterCard International and Europay International, is an online, point-of-sale debit service that allows credit union members and banking customers to use their ATM cards to directly access their accounts from hundreds of thousands of retail locations around the world. From a Canadian perspective, the Maestro Network is the international equivalent of the highly successful and popular Interac Direct Payment service.

Craig Penney, Director of Debit Services for MasterCard International, cites two principal benefits for Canadian consumers. "First and foremost, credit union members and banking customers travelling outside Canada will instantly appreciate the convenience of using their ATM cards at merchant locations around the world. It's the quickest way for travellers to access their accounts in Canada. Secondly, cardholders benefit from the increased security provided by plastic payment products versus cash."

Canadian merchants, particulary those who cater to tourists and international travellers, will enjoy significant benefits as well, Penney adds. "Generally, merchants who offer more flexibility of payment methods increase their total business volumes. Merchants who accept Maestro transactions will have a competitive advantage over other retailers in the same market that do not offer the Maestro service."

"Capital City Savings is pleased to be leading the way on behalf of the credit union system," says Harry Buddle, Chief Executive Officer of Capital City Savings. "By mid-to-late 1996, all credit union merchants in Canada will be able to accept foreign ATM cards as payment for goods and services. Merchants who deal with other Canadian financial insititutions affiliated with MasterCard International will soon be introducing Maestro as well."


For more information:
Bob Lane
CUETS Communications
(306) 566-1772