June 11, 2016 – Following an evaluation of credit card transaction fees in Canada and the rest of the world, we have concluded the fees applied to Visa credit card purchases remain unacceptably high.
Walmart’s purpose is to save customers money so they can live better. We are committed first and foremost to this purpose, which requires us to keep costs as low as possible.
To ensure we are taking care of our customers’ best interests and delivering on our promise of saving customers money, we constantly work to reduce our operating costs, including credit card fees. Unfortunately, Visa and Walmart have been unable to agree on an acceptable fee for Visa transactions. As a result we will no longer accept Visa in our stores across Canada, starting with our stores in Thunder Bay, on July 18, 2016. This change will then be rolled out in phases across the country.
Customers will continue to be able to use other forms of payment including cash, Interac debit, MasterCard, Discover, and American Express.
We sincerely regret any impact this will have on our customers who use Visa and remain optimistic that we will reach an agreement with Visa.
Note: one has to wonder if Walmart really wants to refuse VISA or is they are just playing hardball as they continue to negotiate a new agreement with VISA?
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