A federal finance minister in Toronto yesterday extolled the business-friendly environment in Canada that allows small businesses and entrepreneurs to flourish. The Canadian government has been particularly mindful to keep a lid on regulations that keep these businesses away from their core activities. In the same breath, new regulations aimed at banks and payment networks were announced.
These include new disclosure requirements in merchant contracts, the ability for merchants to more easily exit their merchant contracts and, on the issuing side, enhanced branding to let cardholders know when they have a premium card and may experience higher fees. The minister further proclaimed that regulations would be forth coming for the nascent digital payments market.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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