Never mind.
No worries we don't have a competiton board so pretty much this type of news only belongs in the off-topic thread as it is not directly bitcoin related but easily can be extended to a bitcoin context
Topic: 2013 07 24 Canada Competition Tribunal rejects Visa, Mastercard fees complaint (Read 636 times)
July 24, 2013, 04:44:51 PM
Never mind.
No worries we don't have a competiton board so pretty much this type of news only belongs in the off-topic thread as it is not directly bitcoin related but easily can be extended to a bitcoin context
July 24, 2013, 04:40:50 PM
Never mind.
July 24, 2013, 04:35:08 PM
Canadian merchants will continue paying higher fees to accept “premium” credit cards after a landmark ruling by the Competition Tribunal.
The tribunal sided with Visa and Mastercard in rejecting a complaint from Canada’s Competition Bureau filed in December 2010. The Bureau, on behalf of retailers, made a case against what they call excessively high fees paid by retailers for accepting certain credit cards.
So-called premium credit cards — ones with reward programs or other perks — charge retailers higher fees than other cards when customers use them to make purchases. According to the Retail Council of Canada (RCC), a $300 purchase could cost a merchant $12 for the transaction — compared to 12 cents for a $300 debit purchase.
Retailers were asking the tribunal to allow them to either not accept premium cards or charge customers a fee to use them.
“Despite today’s ruling, the fact remains — Canadians are paying more than they should be at the register because of these high fees. Totalling more than $6 billion annually, these fees have a negative effect on merchants and consumers alike,” said David Wilkes, Senior Vice President, Government Relations and Grocery at RCC, in a statement.
John Pecman, Commissioner of Competition, was displeased with today’s ruling.
“I am disappointed that the Tribunal has dismissed the Bureau’s application,” Pecman said in a statement. “At the same time, the decision recognized that this case is one that should have been brought before the Tribunal and found that Visa and MasterCard’s conduct had an adverse effect on competition. We will be reviewing the decision closely to determine our next steps.”
“Credit card fees paid by Canadian merchants are among the highest in the world, estimated at $5 billion per year,” added Pecman.
The Tribunal is keeping the reasons for their decision confidential. Read the full ruling below.
http://www.scribd.com/doc/155517369/The-Commissioner-of-Competition-v-Visa-Canada-Corporation-and-MasterCard-International-Incorporated-et-al
Source
http://o.canada.com/2013/07/23/competition-tribunal-rejects-visa-mastercard-fees-complaint/
The tribunal sided with Visa and Mastercard in rejecting a complaint from Canada’s Competition Bureau filed in December 2010. The Bureau, on behalf of retailers, made a case against what they call excessively high fees paid by retailers for accepting certain credit cards.
So-called premium credit cards — ones with reward programs or other perks — charge retailers higher fees than other cards when customers use them to make purchases. According to the Retail Council of Canada (RCC), a $300 purchase could cost a merchant $12 for the transaction — compared to 12 cents for a $300 debit purchase.
Retailers were asking the tribunal to allow them to either not accept premium cards or charge customers a fee to use them.
“Despite today’s ruling, the fact remains — Canadians are paying more than they should be at the register because of these high fees. Totalling more than $6 billion annually, these fees have a negative effect on merchants and consumers alike,” said David Wilkes, Senior Vice President, Government Relations and Grocery at RCC, in a statement.
John Pecman, Commissioner of Competition, was displeased with today’s ruling.
“I am disappointed that the Tribunal has dismissed the Bureau’s application,” Pecman said in a statement. “At the same time, the decision recognized that this case is one that should have been brought before the Tribunal and found that Visa and MasterCard’s conduct had an adverse effect on competition. We will be reviewing the decision closely to determine our next steps.”
“Credit card fees paid by Canadian merchants are among the highest in the world, estimated at $5 billion per year,” added Pecman.
The Tribunal is keeping the reasons for their decision confidential. Read the full ruling below.
http://www.scribd.com/doc/155517369/The-Commissioner-of-Competition-v-Visa-Canada-Corporation-and-MasterCard-International-Incorporated-et-al
Source
http://o.canada.com/2013/07/23/competition-tribunal-rejects-visa-mastercard-fees-complaint/
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