Canada Advocates For Lower Credit Card Transaction Fees

In its ‘2022 Fall Economic Statement,’ Canada’s department of finance advocates for lower credit card transaction fees for small businesses. Under the ‘Making Life More Affordable’ heading, the government says it intends to enter into negotiations with the payment card industry and businesses to lower credit card transaction fees for small businesses in a manner that does not adversely affect other businesses and protects existing reward points for consumers. The government has published draft legislative amendments to the Payment Card Networks Act, so should the industry not come to an agreed solution in the months to come, the government will move forward with these draft legislative proposals in the New Year on regulating credit card transaction fees.