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21/01/2010 -
Now that the comment period has closed for the proposed payment processing code of conduct, the public responses are rolling in. The Payments Accountability Council, for example, recently released a statement about its response to the code of conduct, saying that it "applauds [the] government's efforts to bring clarity, transparency and merchant choice to the debit and credit card market."
The council, which represents 250,000 Canadian merchants, focused its comments on the need for clarity (for both consumers and merchants), the need for cost management tools for debit and credit card processing, and the need for the additional costs introduced by loyalty card programs to be paid for "by those who introduce and benefit from those changes."
Overall, the feedback from the council was good.
"The code is a solid starting point to address the imbalances in Canada's payments system," said Diane J. Brisebois, president and CEO of the Retail Council of Canada. "It has the potential to bring the choice and price discipline that will allow the creation of a truly competitive debit and credit marketplace."
The council is co-chaired by the Retail Council of Canada and the Canadian Council of Grocery Distributors.
