Jim Flaherty's new code on conduct for debit/credit cards
Federal finance minister Jim Flaherty has unveiled the "Final" code for Canada's new code of conduct for debit and credit cards.
I'll give you a brief breakdown:
- Merchants are free to accept whatever credit or debit card to accept for consumers
- Will prevent Visa and MasterCard on forcing merchants to accept their credit cards to opt in for the debit card scheme (Visa Debit and Maestro).
- Code is voluntary, but one month grace period will be in place - to encourage credit and debit card companies to comply with the new code or else legislation will force them to comply.
This leaves us with no choice. Take Air Canada for instance, it transitions to Credit-card only transactions on board their flight cabins (whether to pay for duty-free items, on-board meals, etc.). Air Canada has stated that by accepting only credit cards, this minimises the slowdowns for flight crews and such.
What does everyone have to say about this new code?
"Credit, debit card firms face new conduct code." CBC.ca. 16 April 2010. 28 April 2010. <http://www.cbc.ca/consumer/story/2010/0 ... -code.html>
"Credit/debit code of conduct: FAQs" CBC.ca. 16 April 2010. 28 April 2010. <http://www.cbc.ca/consumer/story/2010/0 ... nduct.html>
"Canada will regulate credit card companies: Flaherty." CBC.ca. 22 April 2010. 28 April 2010. <http://www.cbc.ca/canada/story/2009/04/ ... -0422.html>
"Flaherty's credit-debit code tougher than expected." Toronto Star. 16 April 2010. 28 April 2010. <http://www.thestar.com/business/persona ... n-expected>
"Adopt code or we'll regulate, Flaherty tells credit card industry." Vancouver Sun. 16 April 2010. 28 April 2010. <http://www.vancouversun.com/business/fp ... /story.html>
"Air Canada flights to refuse cash." Toronto Sun. 28 April 2010. 28 April 2010. <http://www.torontosun.com/news/canada/2 ... 744426.html>
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