Walmart will soon stop accepting Visa as a form of payment at its 400 locations in Canada.
The company cited ‘unacceptable high fees’ as the reason. Retailers have a to pay a fee ranging from 1.42 to 2.08 per cent for purchases made in-store with a Visa card. MasterCard’s website shows that their fees range from 1.44 to 2 per cent.
However, MasterCard offers lower rates to large retailers (as low as 1.26 per cent) for those who have a “net purchase volume” of $3 billion. Walmart makes a worldwide total revenue is $115.9 billion a year.
They’ll now join a growing list of retailers refusing to accept Visa. No Frills doesn’t accept Visa or American Express. Costco only accepts MasterCard when it comes to credit card payments.
Walmart will continue to accept MasterCard, American Express and Discover cards.