The CBC reports the Federal government has decided to add mobile payments to the code of conduct for credit and debit cards, a move to protect consumers and businesses:
Minister of State Ted Menzies announced consultations to add mobile payments to the code at a news conference in Ottawa on Tuesday morning.
“While we support new and convenient payment options, small businesses and consumers should not be punished with new hidden fees or undisclosed conditions,” Menzies said in a release outlining the proposed addition [to] the code.
With mobile payments taking place everywhere, the goal of the government is “to ensure that the principles of transparency, fairness and competition are respected.”
The Canadian Federation of Independent Business was happy with the announcement:
“Today’s actions are welcome. They show that the code can evolve, and will address some of the reforms needed to continue to level the playing field between payments operators and small business,” the group’s vice-president, Corinne Pohlmann, said Tuesday.
The proposed rules will be closely looked at by consumers and businesses, which will have 60 days to comment on them.
Back in May, the Canadian Bankers Association released their guidelines for mobile payment technology, with Rogers and CIBC jointly announcing a new NFC credit card payment system shortly afterwards.