23 February 2017
visit nextgenbanking.co.uk

Canadian government to extend plastic card code to mobile payments

21 September 2012  |  6623 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
Eduard Literate - Entrusted Advisory Services Inc. - 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)

Finextra news in your inbox

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

Related stories

Starbucks Android app arrives in Canada and UK

Starbucks Android app arrives in Canada and UK

11 July 2012  |  5380 views  |  0 comments
Canada opens inquisition into card fees

Canada opens inquisition into card fees

09 May 2012  |  5029 views  |  0 comments
Visa preps digital wallet

Visa preps digital wallet

11 May 2011  |  13000 views  |  0 comments
Canadian competition watchdog targets Visa and MasterCard

Canadian competition watchdog targets Visa and MasterCard

16 December 2010  |  7671 views  |  0 comments | 1 tweets
Canada dumps paper cash for plastic

Canada dumps paper cash for plastic

08 March 2010  |  9183 views  |  0 comments | 1 tweets
Canada plans payment card code of conduct

Canada plans payment card code of conduct

13 October 2009  |  6234 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.com

Who is commenting?

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain Technology
13054 views 1 | 13 tweets | 6 linkedin
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
11260 views comments | 51 tweets | 69 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
7960 views comments | 40 tweets | 33 linkedin
Standard Chartered connects corporate customers to WeChatStandard Chartered connects corporate cust...
6232 views comments | 17 tweets | 19 linkedin
hands typing furiouslyDecoding the Policy Impact of India's Unio...
6128 views 0 | 13 tweets | 2 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job