Enhanced Credit and Debit Card Code Released, Empowering Merchants and Consumers with Greater Choice and Control
Retail Council of Canada is pleased to have been a driving force in today’s long-awaited announcement of enhancements to the Code of Conduct for the Credit and Debit Card Industry in Canada.
These updates to the Code deal with the arrival of smartphone/contactless payments, provide greater certainty that reductions in interchange rates will indeed be passed through to merchants, enable merchant choice in which payment forms to accept and also create a new path for dispute resolution in the payments industry.
"With contactless cards already in market and smartphone payments the wave of the future, the modernization of the Code is vital and something that we have been pursuing on behalf of retailers in Canada," said Diane J. Brisebois, President of Retail Council of Canada. "I am delighted that merchants will have full choice in which networks and payment methods to accept," added Ms. Brisebois.