Federal Government Signals Additional Focus on Lowering Credit Card Fees in Fall Economic Statement 2022
In its Fall Economic Statement, the federal government announced that it intends to enter negotiations with payment processers and businesses to restructure fees while protecting rewards points for consumers, and concurrently published draft legislative proposals to the Payment Card Networks Act. They stated that: “[s]hould the industry not come to an agreed solution in the months to come, the government will introduce this legislation at the earliest possible opportunity in the new year and move forward on regulating credit card transaction fees.”
These anticipated changes, whether negotiated or imposed via legislation, will have significant implications for payment processors, retail and consumer products businesses, and consumers alike.
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