Toronto, ON – April 22, 2017 – Visa Canada today introduced a new interchange category called “Everyday Needs” which will offer lower interchange rates for more than 175,000 merchants in business segments where Canadians spend the most frequently, including drug stores, dry cleaners, convenience stores, taxis and restaurants. These changes will result in lower interchange rates for more than 175,000 merchants and support our commitment to the voluntary undertaking.
In accordance with the Code of Conduct for the Credit and Debit Card Industry, which requires a notification period for interchange rate changes, these rates were initially announced in October 2016.
In 2014, Visa voluntarily committed to reducing its average effective interchange rate in Canada to 1.50% on consumer credit cards. With the previously announced changes to the food retail/grocery sector and the new Everyday Needs category, Visa continues to deliver reductions to key merchant segments, particularly smaller merchants where Canadians spend most. In September, the Government of Canada acknowledged independent audit findings that Visa met its commitment to reduce credit card interchange fees, which include reductions of interchange fees for small and medium-sized enterprises and charities.
Full details of the new rates are available online at www.visa.ca. An infographic is available here.