According to a story in today's Toronto Star, The Federal Competition Bureau is asking the Competition Tribunal to strike down the rules that allow both Visa and Mastercard to impose restrictions on merchants that ultimately lead to higher costs that are passed on to the consumer.
Apparently the current agreements, in addition to the fairly high fees charged to merchants when the cards are used, prevent vendors from offering discounts for cash payments or suggesting to the purchasers less costly means of buying, such as the use of bank cards or cash.
Given the huge profits that banks already enjoy, one hopes that the Tribunal will make a quick decision on this matter.
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