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Breaking News

Updated: Friday, November 21, 2014

Visa, MasterCard to cut credit card interchange in Canada

Retailers in Canada appear to have achieved something those in the United States have failed to achieve: commitments by the Visa Inc. and MasterCard Worldwide units operating there to lower credit card interchange. And they didn’t even have to challenge card brand pricing in the courts or through the government to get it.

Canada's Minister of Finance announced on Nov. 4, 2014, a plan under which the Canadian units of MasterCard and Visa will “voluntarily” slash merchant interchange, thereby forestalling government-imposed changes in the card companies’ interchange models.

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