Walmart stores in Canada will no longer accept Visa cards as the retailer claims that the credit card provider charges businesses “unacceptably high” fees. Walmart will stop accepting the provider’s cards from 18 July. However, the ban will not be implemented in the company’s US branches. Walmart Canada pays over US $78m in credit card fees each year, but the company said that specific charges were confidential. The move comes after a number of high-profile incidents involving banks and payment processors refusing to process transactions for cryptocurrency businesses. In 2014 Visa and MasterCard pledged to limit transaction costs in the country to an average of 1.5% after the government seemed set to intervene in the dispute.
Walmart stores in Canada will no longer accept Visa cards as the retailer claims that the credit card provider charges businesses “unacceptably high” fees. Walmart will stop accepting the provider’s cards from 18 July. However, the ban will not be implemented in the company’s US branches. Walmart Canada pays over US $78m in credit card fees each year, but the company said that specific charges were confidential. The move comes after long-standing complaints from Canadian merchants about what they believe are the high level of fees demanded by credit card providers. In 2014 Visa and MasterCard pledged to limit transaction costs in the country to an average of 1.5% after the government seemed set to intervene in the dispute.