Moneris Solutions Corp., Canada’s largest debit and credit card processor based on annual transactions, will adopt Canada’s voluntary code of conduct for the country’s debit and credit card industry. Moneris’ top executive announced the company’s decision May 13.
“The ability for merchants to accept payments is a critical success factor for their business, and it is important for them to be well informed of the associated costs,” Jim Baumgartner, president in and CEO of Toronto-based Moneris, said in a statement.
Canadian Finance Minister Jim Flaherty on April 16 detailed a code of conduct processors and card issuers are required to adopt by May 17 to ensure merchants and consumers understand the cost of benefits associated with credit and debit cards (
Flaherty introduced the code as Visa Inc. and MasterCard Worldwide prepare to enter the country’s PIN-debit market once they find interested issuers. Toronto-based Interac currently is Canada’s sole debit card network.
If the industry fails to voluntarily adopt the code of conduct, it faces government regulation. Canadian lawmakers on March 29 introduced the Payment Card Networks Act, which would regulate the payments industry.
Moneris processes more than 3 billion transactions annually.
