Visa supports the Canadian government’s goal to encourage transparency and merchant choice within the payments marketplace – two important pillars on which Visa has built its business domestically and internationally.
Visa already provides merchants much of what today’s Code of Conduct requests payment networks offer, such as full transparency of interchange rates, merchant choice on acceptance of Visa Debit cards, and the ability of merchants to offer discounts for other methods of payment. We appreciate the government’s inclusion of all payment networks to ensure merchants are equally informed through a level playing field.
Visa is pleased that the Code will allow Canadians to have access to the innovative payment features and benefits that they have been missing, such as the ability to pay for goods more widely online, expanded international acceptance and new payment platforms such as Visa payWave. However, Visa is concerned that it does not go far enough in creating an environment that encourages meaningful competition in the Canadian payments arena, and favours merchants at the expense of consumers. Digital currency and technological platforms like those offered by Visa continue to drive growth in the Canadian economy, and Canadian consumers have said they want new products that do more.
In the coming days, Visa will further examine the Code and its implications. We look forward to meeting with the Minister of Finance to ask for clarification on specific details of today’s announcement, and to reiterate our position that the government should work towards a framework that promotes competition and innovation, provides consumer choice, and encourages economic growth through the expansion of digital currency.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks – VisaNet – that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.