WINNIPEG – Walmart Canada has announced it will no longer be accepting Visa cards as payment at all of it’s locations nationwide.
In a written statement, the store says that fees applied to Visa cards are ‘unacceptably high’.
The first stores to stop accepting Visa will be in Thunder Bay on July 18 and the change will be rolled out Canada-wide in phases.
Walmart is joining No Frills and Costco on the list of retailers in Canada who don’t accept Visa as payment. The company says it will continue to accept MasterCard, American Express and Interac debit.
Visa Canada issued a statement on Saturday saying the company ‘regrets’ Walmart’s choice and that it will have a ‘negative impact’ on Walmart’s shoppers.
There are over 400 locations in Canada and eight here in Winnipeg.
Full Statement From Walmart Canada
Following an evaluation of credit card transaction fees in Canada and the rest of the world, we have concluded the fees applied to Visa credit card purchases remain unacceptably high.
Walmart’s purpose is to save customers money so they can live better. We are committed first and foremost to this purpose, which requires us to keep costs as low as possible.
To ensure we are taking care of our customers’ best interests and delivering on our promise of saving customers money, we constantly work to reduce our operating costs, including credit card fees. Unfortunately, Visa and Walmart have been unable to agree on an acceptable fee for Visa transactions. As a result we will no longer accept Visa in our stores across Canada, starting with our stores in Thunder Bay, on July 18, 2016. This change will then be rolled out in phases across the country.
To keep prices low we continuously assess opportunities to lower our operating expenses. Walmart Canada pays over $100 million in fees to accept credit cards each and every year. Lowering costs such as these is necessary for us to be able to keep our prices low and continue saving our customers money.
Customers will continue to be able to use other forms of payment including cash, Interac debit, MasterCard, Discover, and American Express.