Feds introduce code of conduct for credit and debit companies
Posted April 16, 2010 10:57 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – The Canadian Federation of Independent Business applauds a move by the feds to introduce a voluntary code of conduct for credit and debit companies.
Dan Kelly with the Federation says retailers have been very worried about rising fees charged by credit card companies, as more and more ‘premium’ cards are introduced. “Even more worrisome than that was the plan on the part of Visa and Mastercard to enter the debit card industry.”
He says the code will slow Visa and Mastercard’s entry into the market by making them set up their own debit networks, instead of ‘piggybacking’ on the existing Interac system. The code is voluntary but the federal government has threatened to introduce legislation if it’s ignored.
