Government Proposes Code of Conduct for Credit and Debit Card Industry

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 codeconsult@fin.gc.ca.

Full Details Available

A copy of the proposed Code of Conduct can be seen here and the news release from the Minister of Finance here.

What Do You Think Of These Changes?

Does this concern you? Do you think these rules are a good idea? Will these proposals improve the debit and credit card industry. Share your thoughts with others by leaving a comment.

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Tagged as: Minister of Finance