26 November 2014

Canadian government to extend plastic card code to mobile payments

21 September 2012  |  5869 views  |  1 Business man using Smartphone

The Canadian government is to extend its code of conduct for the credit and debit card industry to include mobile payments.

Ted Menzies, minister of state (Finance), released a proposed Addendum to the Code - which addresses transparency issues around the costs of using credit and debit cards - for public consultation.

"While we support new and convenient payment options, small businesses and consumers should not be punished with new hidden fees or undisclosed conditions," says Menzies. "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."

The consultation follows the release in March of a task force report which urged the government to take a lead in establishing a national mobile payments ecosystem and branded the banking sector as a barrier to innovation.

Corinne Pohlmann, vice president, national affairs for the Canadian Federation of Independent Business, applauded the move.

"Today's actions are welcome," she says. "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."

The proposed Addendum is being circulated for a 60-day comment period.

Comments: (1)

Eduard Literate - CPOS - TORONTO | 21 September, 2012, 16:21

A link to the proposed amendment would have been helpful....

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

11 July, 2012
15 May, 2012
09 May, 2012
29 March, 2012
11 May, 2011
16 December, 2010
17 June, 2010
08 March, 2010
13 October, 2009
15 June, 2009

Featured job

£150k OTE + benefits
City of London

Find your next job