Statement from Visa Canada

TORONTO , Nov. 19 /CNW/ - "We are encouraged that the government supports transparency and choice in payments as Visa believes that these are fundamental to a well functioning economy. We are also encouraged that the code applies to all payment networks equally.

However, we believe choice of payments should be balanced between merchants and consumers and are disappointed that that the code would allow merchants to supersede consumer choice at the point of sale. Merchants can and should decide whether they want to accept Visa Debit cards and merchants are free today to steer customers to the merchant's preferred choice of payment. But Visa believes that merchants should ultimately honour the consumer's choice.

There are real differences between networks. Visa transactions offer unique consumer benefits and protections including Zero Liability, superior fraud prevention and protection in disputes with merchants. The government announcement significantly undermines the introduction of competition to the debit industry and choice for all Canadians.

We will continue to discuss the contents of the code and its implications with government and stakeholders during the consultation period."

For further information: Amy Cole, Visa Canada, [email protected], [phone]