The Honourable Ted Menzies, Minister of State (Finance), announced today the expansion of the Code of Conduct for the Credit and Debit Card Industry in Canada to include mobile payments. Anticipating an adoption of payment by smartphone and other technological payment services, the Government’s efforts to change the Code of Conduct were made to continue the Code’s principals of fairness and transparency when dealing with payments that access debit or credit accounts at point of sale.
“Technology continues to evolve and transform our daily activities—including the way we buy items. More and more Canadians are using their smartphones to pay at stores and small businesses, and that trend will grow,” noted Minister Menzies. “While we support new and convenient payment options, small businesses and consumers should not be punished with new hidden fees or undisclosed conditions.”
The credit and debit payment Code of Conduct was put into effect in August of 2010 specifically to help merchants and consumers understand all costs and benefits related to purchasing through credit and debit cards.
“As mobile payment options begin to grow more rapidly in Canada, our Government wants to ensure that the principles of transparency, fairness and competition are respected,” Minister Menzies said.
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Analysis of the Code of Conduct was a direct result of the Task Force for the Payments System Review’s final report and findings on mobile payment opportunities for Canada.
“Today’s actions are welcome. They show that the Code can evolve, and will address some of the reforms needed to continue to level the playing field between payments operators and small business,” said Corinne Pohlmann, Vice-President, National Affairs for the Canadian Federation of Independent Business.