(Toronto, ON) August 9, 2018 - Visa Canada today announced it has entered into a new voluntary commitment with the Government of Canada to lower its interchange rates for consumer credit cards in Canada. As part of this voluntary commitment, Visa will reduce interchange fees to an average effective rate of 1.40 per cent. The agreement will begin in May 2020 for a period of five years, following the expiry of the current undertaking.
Visa looks forward to continuing to work closely with the government, financial institutions and merchants across the country to promote a competitive, efficient, innovative and secure payment system in Canada.
For more information, read the Government of Canada news release.