Today’s Canadian consumer wants to shop at their national grocer, pick up extras at their neighbourhood convenience store and buy their gifts online. Electronic payments make that possible. Credit acceptance means a merchant is always paid, and without electronic payments online shopping wouldn’t exist.
In November 2014 we brought forward a voluntary interchange reduction in agreement with the Canadian federal government. Our agreement brought a thoughtful approach to the way we set interchange for many different categories, including lower rates for independent businesses, charities and other categories. We delivered a 12% savings in the first year of our agreement and on June 10 we announced further rate reductions which means further savings for merchants over the next four years.
We are committed to building a strong, innovative payments system in Canada – one that gives consumers the choice they want when shopping in-store or online and provides merchants a proven way to grow their business. Safety of our network is key to ensuring the ongoing health of the electronic payments system and our commitment is to maintain that network while bringing forward payment innovations that benefit consumers, merchants, and our card issuers.
You can read our letter to the Finance Minister outlining the results of our commitment here.