Visa Compliant with Canadian Code of Conduct

TORONTO, Aug. 16 /CNW/ - Visa values its relationship with consumers, merchants, and the government and announces today that it is in compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada and reaffirms its intention to operate within the Code of Conduct's framework. Visa has worked and continues to work with the Department of Finance, the Financial Consumer Agency of Canada and its Canadian business partners to ensure that the interpretation and implementation of the Code of Conduct is consistent, provides benefits to consumers, and sets a level playing field for all parties.

Visa is committed to continue its efforts to create new and innovative technologies that bring greater convenience, security and efficiency to consumers and merchants. Visa believes that Canadian consumers and merchants should have access to new payment technologies, including debit cards and payment platforms such as contactless and mobile. A business and regulatory environment that encourages competition is essential for driving innovation.

Visa has consistently demonstrated transparency, one of the Code's key tenets, and has been an industry leader in this area. Visa has publicly disclosed its domestic interchange rates on its website since November 28, 2008. Visa is pleased that the Code will ensure similar levels of disclosure by competitors so that clients, merchants, and consumers can make meaningful and informed comparisons.

Visa will continue to reinforce to policymakers, industry and stakeholders the powerful ways that digital currency is advancing economic empowerment and efficiencies for individuals, businesses and governments around the globe.

About Visa Inc.

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks - VisaNet - that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.

For further information: Media Contact: Teri Broughton, Visa Canada, [phone], [email protected]; Melissa Cassar, Fleishman-Hillard, [phone], [email protected]