This morning’s announcement from the federal government that it will expand the code of conduct for the credit and debit card industry to deal with the growing use of mobile payments has been welcomed by the Canadian Federation of Independent Business (CFIB).
Ted Menzies, minister of state for finance, this morning proposed an addendum aimed at protecting small businesses and consumers from hidden fees or undisclosed conditions associated with mobile payment options such as using smartphones to pay for goods and services.
“As mobile payment options begin to grow more rapidly in Canada, our government wants to ensure that the principles of transparency, fairness and competition are respected,” said Menzies.
CFIB national affairs vice-president Corinne Pohlmann, said, “The code that CFIB initially proposed, and the government implemented, was a worldwide first that helped save low-cost debit in Canada and gave merchants some degree of power in dealing with the industry.
“Today’s announcement on mobile payments will help make the code even more relevant and useful to small business owners, and we applaud the government for taking this action.”
Pohlmann added that the amendment is a step in the right direction to leveling the playing field between the payments industry and small businesses.
