MasterCard comments on Competition Tribunal decision
TORONTO--The Competition Tribunal today reaffirmed three MasterCard rules, assuring Canadian credit card users won't be hit with surcharges at the cash register and keeping the path clear for innovative new payment products in Canada. Specifically the Tribunal upheld MasterCard Canada's No-Surcharge, Honour-All-Cards and No-Discrimination rules.
"We want our cardholders to know that wherever they see the MasterCard emblem they can use any MasterCard confidently without extra charges tacked on and without discrimination," said Betty K. DeVita, President, MasterCard Canada.
Ms. DeVita said the ruling is also good news for merchants. "We only succeed when retailers and consumers succeed," said Ms. DeVita. "The data proves that retailers that accept MasterCard see an increase in sales and reduce their costs of handling cash and record keeping. We are pleased that we will continue to be able to protect consumers from unfair or unexpected fees at checkout."
The Tribunal ruling also serves to promote innovation in the Canadian payments sector. As the operator of one of the world's most sophisticated payment network, MasterCard provides the infrastructure and services that enable financial institutions to offer credit cards and that instantaneously manage the transaction between a retailer and the credit card user's financial institution.
"We are committed to investing in leading-edge payment technologies to continue to secure Canada's position as a world leader in payment innovations. We are continuously innovating and investing in new payment systems, including ground-breaking work in mobile technologies," said Ms. DeVita.