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chancy
12th June 2016, 03:26
Hello Eveyone:
Fees too high! They were too high for quite a few years now! It's taken this long to talk about it? Seems like Walmart just wants to make some free publicity! They don't pay the fees - we do when we shop at Walmart.
Kind of interesting all of a sudden "too high of visa fees" when it has no effect on the store. Just the people shopping there!
chancy

link:
https://ca.finance.yahoo.com/news/walmart-canada-stop-accepting-visa-says-fees-too-204558644--sector.html

Walmart Canada to stop accepting Visa - says fees too high
By By Ethan Lou | Reuters – 5 hours ago

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TORONTO (Reuters) - Walmart Canada stores will stop accepting Visa Inc cards because the credit card provider charges merchants "unacceptably high" fees, the retailer said on Saturday.

Walmart has been unable to agree with Visa on an "acceptable fee" and will no longer accept the company's credit cards starting July 18, it said in a statement.

The company added it still hoped to reach an agreement with Visa.

The decision will not affect the U.S. stores of parent Wal-Mart Stores Inc .

A Visa spokeswoman said in a statement it offers "one of the lowest rates available to any merchant in the country" and said Walmart Canada's decision would have a negative impact on shoppers.

Representatives of Walmart Canada and Visa declined to address questions on specifics of payment terms.

A Walmart Canada spokesman said the retailer pays more than C$100 million ($78 million) in credit card fees every year, but specific transaction fees are part of "confidential agreements."

Canadian retailers have long complained about what they call the high interchange fees they pay credit card companies.

In 2014 Visa and MasterCard Inc said they would trim Canadian transaction rates to an average effective rate of 1.5 percent, after complaints about their fees almost resulted in government intervention.

Unlike American Express Co , which typically negotiates a flat fee with every merchant, Visa and MasterCard have variable fees based on the status of their different cards.

Small retailers, which usually have less power to negotiate transaction terms, have said that hurts them as they are never sure of the rate they will be billed between 1 percent and 3 percent on any given transaction.

Walmart Canada said stores in Thunder Bay in the northwestern part of the Ontario will be the first to stop accepting Visa cards, and the change will then be rolled out in phases to the rest of the more than 370 Canadian Walmart stores.

($1 = 1.2777 Canadian dollars)

Daozen
12th June 2016, 03:50
This looks like a step away from a cashless society, unless there's something I missed.

Carmody
12th June 2016, 04:03
Must be some connection the the Visa system that the oligarchy does not like. This is not the first group to drop Visa.

This is clandestine war, and also a way to eliminate one form of payment and put more transactions under a more singular banner, on the credit side of things.

Look into visa ownership, you'll probably find all the needed clues right there.

Visa was the first big one, in the world, and I wonder what or who the ownership is now....and who the competitors are.

Tyy1907
12th June 2016, 05:23
Mastercard it is then!

skyflower
12th June 2016, 06:52
Costco will be accepting visa. They are dropping Amex.

bluestflame
12th June 2016, 08:36
so with ebt cards failing how many would resort to the visa card to get through the transition and now find the rugg pulled out from beneath them , hungry people will worry about the repayment later

Snoweagle
12th June 2016, 20:09
Well if we embark into a cashless society, Walmart will lose a significant source of interest premium from the coinage banking.

Maybe this is just a negotiating ploy with no benefit to the public.

So now the Banksters may consider Walmarts non acceptance (especially if others follow their lead) as reason enough to start charging people every time they make an ATM withdrawal.

Carmody
12th June 2016, 23:38
http://www.businesswire.com/news/home/20160602006259/en/Visa-Introduces-NFC-Enabled-Payment-Ring-Team-Visa

June 02, 2016 01:00 PM Eastern Daylight Time

http://mms.businesswire.com/media/20160602006259/en/528204/4/image1.jpg?download=1

Visa Introduces NFC-Enabled Payment Ring for Team Visa Sponsored Athletes to Use at Rio 2016 Olympic Games

SAN FRANCISCO--(BUSINESS WIRE)--Visa Inc. (NYSE:V), the exclusive payment provider at the Olympic and Paralympic Games, today introduced a new innovation for use at the Rio 2016 Games – the first payment wearable ring backed by a Visa account. The Visa payment ring will be given to all Team Visa athletes in Rio, a group of 45 Olympic hopefuls from around the world who embody Visa’s values of acceptance, partnership and innovation. The Visa payment ring is NFC-enabled, allowing Team Visa athletes to make purchases by simply tapping their ring at any NFC-capable payment terminal.

“This ring is the latest example of how Visa is continuously innovating to deliver on its goal of universal acceptance at the games and across the world.”
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Key features of the ring make this a unique payment experience. The ring uses the patented NFC Ring® design of McLear & Co. that includes a secure microchip made by Gemalto, with an embedded NFC-enabled antenna, enabling contactless payment capabilities. Unlike many other payment wearables, the ring does not require use of a battery or recharging. It is also water resistant to a depth of 50 meters, meaning Team Visa athlete and Olympic gold medalist Missy Franklin can go from the pool to payment all with the tap of her ring.

In addition, at an event in New York City today, Visa demonstrated an advanced prototype version of the Visa payment ring, which uses token technology provided through Visa Token Service, making it the first tokenized payment ring. Visa’s token technology replaces sensitive payment information, such as the 16-digit account number, with a unique digital identifier that can be used to process payments without exposing actual account details.

“Visa’s first payment ring puts smart payment technology right on the hands of our athletes for convenient and easy payments,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc. “This ring is the latest example of how Visa is continuously innovating to deliver on its goal of universal acceptance at the games and across the world.”

Athletes and fans will also be able to use their Visa accounts leading up to, and at the Rio Games, using various new form factors. From booking and planning their trip using Visa Checkout or making purchases at the games on their mobile phone, both experiences are first-time offerings for Rio 2016, enabling athletes and fans to swipe, tap, dip or click to pay during their Olympic experience.

“As an Olympian, rings have a special meaning to me,” said Missy Franklin, a four-time Olympic gold medalist and Team Visa athlete. “The Visa ring is a great innovation that I know all the athletes competing in Rio will enjoy as it will be great to go from a competition to purchase without having to carry a wallet or card.”

As the exclusive payment provider of the Olympic Games, Visa is creating and managing the entire payment system infrastructure and network throughout all venues including stadiums, press centers, point-of-sale (POS), the Olympic Village and Olympic Superstores. In Rio, Visa will implement approximately 4,000 NFC-enabled POS terminals capable of accepting mobile and wearable payments across key Olympic venues, the US Olympic Committee’s USA House and Copacabana Megastore.

As the payments industry increasingly shifts from plastic to digital, new technology advances from Visa and its partners are bringing consumers a simple and more secure purchasing experience.

About Visa Inc.: Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

Contacts

Visa Inc.
Andy Gerlt, +1-415-805-5153
agerlt@visa.com
Sheerin Salimi, +1-415-601-1583
shesalim@visa.com