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Wal-Mart Canada Corp. will stop accepting Visa credit cards in all 16 of its Manitoba stores starting from October 24, according to a report in the Globe and Mail. The reason? The company pays $100 million in annual credit card expenses, which the company feels is extremely high.
The government announced on Wednesday that it will review the fees charged by credit card companies and the effects of reduced fees by Visa Inc. and MasterCard Inc.
Gary Sands, chair of the Small Business Matters Coalition and vice-president of the Canadian Federation of Independent Grocers, said “Wal-Mart’s escalation of its Visa fight illustrates the large retailer’s clout. There is not a small retailer in Canada that can afford to go head to head with Visa. I mean, kudos to Wal-Mart for doing that, but we can’t.”
Read the full story from the Globe and Mail here.
