Walmart locations in Manitoba are once again accepting Visa as a form of payment. The company cited that both parties have finally reached an agreement.
All Walmart stores in Manitoba stopped accepting VISA on Monday, October 24, 2016.
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.
Certain retailers, such as No Frills and Costco, will continue to not accept Visa.