May 17, 2010

Visa statement regarding the Canadian Code of Conduct

TORONTO---Visa announced it will adopt the Code of Conduct for Credit and Debit Cards in Canada as released by the Minister of Finance April 16, 2010. Many of the Code of Conduct's provisions are already in place as Visa practices or rules, including 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 such as cash or cheques.

Visa supports the government's decision to include all payment networks in the Code of Conduct. The inclusion of all payment networks ensures clarity for merchants and provides a level playing field for industry participants.

Visa believes that all participants in the electronic payment system have a role to play in ensuring that the payment system is strong and competitive. Visa will work with acquirers, processors and issuers, who are directly responsible for their relationships with merchants and cardholders, to implement the Code of Conduct.

Visa has been and continues to be committed to operating in a transparent manner, providing a secure and efficient electronic payments system, creating new and innovative technologies that bring greater convenience for our consumers and merchants, and continuing to drive growth in the Canadian economy.

Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries.

 

 

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