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Retailers and their finance departments should note the changes in the revised Code of Conduct to govern the credit and debit card industry.
What’s New?
The Code now has new protections for mobile payments.
Visa and MasterCard are NOT allowed to have co-badged debit cards for domestic purchases, which is a huge benefit for retailers in Canada.
But now, Both Visa and MasterCard will have their credit and debit cards available for the new Flash technology.
In summary, the new Code changes include:
-Enhanced disclosure requirements requiring plain language disclosure in information boxes in retailer contracts–so that key contract terms and conditions are more clearly understood.
-Greater flexibility for retailers to exit contracts without penalty, including a right to provide a notice of non-renewal at any point up to 90 days prior to contract expiry and limiting automatic renewal of contracts to 6 month increments.
-New consumer protections for mobile payment users, so that consumers will have full and unrestricted control of the default settings on their mobile wallets and devices.
-A new requirement that the rate reductions in credit card fees (that went into effect last month) MUST be FULLY passed through to retailers –or they can cancel their contract without penalty.
-New protections for retailers who may choose to stop accepting mobile payments.
We urge CFIG members to view the FULL DOCUMENT here.
