June 19, 2015 — OTTAWA, ON — Competition Bureau
Consumers should be able to select and easily switch between different payment products on their mobile devices and merchants should be permitted to take steps that will reduce their cost of accepting mobile payments.
These are just two of the recommendations contained in a Competition Bureau submission to the Department of Finance Canada. By incorporating these and our other recommendations, the government’s oversight measures will encourage competition for new and innovative payment methods.
In April 2015, the Minister of Finance released a consultation paper entitled “Balancing Oversight and Innovation in the Ways We Pay”. Following publication of the consultation paper, the Department of Finance issued a call for comments on the Oversight of National Payment Systems, to which the Bureau has provided a submission.
As part of its mandate, the Bureau participates in a wide range of activities to promote and advocate the benefits of a competitive marketplace, both in Canada and abroad. The Bureau advocates that regulators and policy makers regulate only where necessary to achieve legitimate policy objectives, and that every effort be made to ensure that restrictions do not adversely impact competition.
The Bureau developed expertise in the Canadian payments sector as a result of its enforcement action against Visa and MasterCard and its consent agreement with Interac. Based on this experience and expertise, the Bureau is advancing its recommendations to encourage competition and innovation in Canada’s retail payment systems.
- Information Notice: Interac Requests Amendment to Consent Agreement (July 2013)
- News Release: Competition Bureau Challenges Visa and MasterCard’s Anti‑competitive Rules (December 2010)
- News Release: Competition Bureau Will Not Appeal Credit Cards Decision (September 2013)
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The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.