Photo by Lotus Head from FreeImagesPhoto by Lotus Head from FreeImages

Visa and Mastercard are planning a worldwide freeze of swipe fees paid by retailers in response to the coronavirus crisis, but a Globe and Mail story says that "three people familiar with the matter say those moves could delay some promised rate reductions for hard-hit merchands and small businesses in Canada.

The Globe and Mail story cites Dan Kelly, president and CEO of the Canadian Federataion of Independent Businesses (CFIB) and an unnamed source noting that "Visa and Mastercard are delaying the updates, in part, because introducing systems changes could prove risky and compromise network security during the current crisis, especially as staff work remotely."

In Canada, the suspension "would defer planned rate reductions until later this year, dealing another blow to merchants and small businesses already reeling from the pandemic."

Share your company and people news with the industry.
Contact Grocery Business’ content manager
Stacey Newman ([email protected])

Back to Top