In a media release today, The Government of Canada has introduced a proposed Code of Conduct for the Credit and Debit Card Industry in Canada.
The Code is intended to promote fair business practices to ensure merchants and consumers alike clearly understand the costs and benefits of credit and debit cards. The proposed today is based on a series of on-going discussions with merchant and consumer associations across Canada.
Once Adopted the Code would:
- Ensure that merchants are aware of the costs associated with accepting credit and debit card payments.
- Provide merchants with increased pricing flexibility to encourage consumers to choose the lowest-cost payment option.
- Allow merchants to freely choose which payment options they will accept.
Stakeholders (merchants and consumers) have 60 days to submit comments on how to monitor compliance with this proposed code. If you have a comment, you may submit it to email@example.com.