According to the Globe and Mail, the federal government is set to introduce new regulations to Canada’s credit and debit card industry code of conduct today, and mobile payments will be the focus of the new rules.
The new provisions will ensure that existing limits on debit and credit card fees apply to mobile payments, says the daily. In practice, this means that consumers will be able to choose which form of payment takes priority when they pay for something using a mobile app.
The new regulations are also expected to ensure that savings from mobile-based credit card fees are passed on to merchants, which is in line with safer EMV-based payments today. The new regulations are expected to be made official later today in Toronto by Finance Minister Joe Oliver.
According to the Globe, today’s announcement may be the start of further changes to Canada’s Financial Consumer Code.
We’ll update this post once an official announcement is made.
[source]Globe and Mail[/source]