Regina -- Regina-based CU Electronic Transaction Services (CUETS) and MasterCard International conducted the first electronic transaction on the Maestro Debit Network in Canada yesterday in Edmonton.

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, adds Penney. "Merchants who accept Maestro transactions will have a competitive advantage over other retailers in the same market that do not offer the Maestro service."

CUETS, the provider of Credit Union MasterCard and other electronic transaction services for the credit union system in Canada, employs 145 people in its Regina headquarters. Approximately 10 employees will be dedicating all or part of their efforts in 1996 to the successful introduction of the Maestro product across Canada. "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," says Jim Hackett, Vice President of Technology Deployment for CUETS. "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