Statement by the Minister of Finance on Visa's and MasterCard's Voluntary Commitments

September 14, 2016 – Ottawa, Ontario – Department of Finance Canada

The Minister of Finance issued the following statement today on the status of the separate and voluntary commitments of Visa and MasterCard to reduce the fees merchants are charged to accept credit cards:

"The Government of Canada acknowledges the independent audit findings that both Visa and MasterCard have met their respective commitments to reduce credit card interchange fees, which include reductions of interchange fees for small and medium-sized enterprises and charities.

"In order to ensure that there is, in fact, adequate competition and transparency for Canadian businesses and consumers when it comes to the fees they incur when using credit cards, the Government will conduct a further assessment of the fees charged by credit card networks and review the effects of the fee reductions.

"The Government's continued oversight of the financial services sector aims to ensure that it remains stable and competitive, and that it meets the needs of consumers and businesses in a way that supports our belief that when you have an economy that works for the middle class, you have a country that works for everyone."

For more information, see the backgrounder.

Media Contacts

Annie Donolo
Press Secretary
Office of the Minister of Finance
613-769-7187

Media Relations
Department of Finance Canada
613-369-4000

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