This is a brilliant strategy. Thank you for sharing that.
this post was submitted on 15 Mar 2025
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Nationalize them! Bring this back under societal control and eliminate that tax.
Then SpaceX, Twitter, and Amazon.
Of course this assumes we defeat the fascists and fix the Supreme Court first.
I think this is spoken from the point of view of an American? Canada can't nationalize American companies...
Canada could however fund its own federal credit system to compete and add a big fat tariff on MC and Visa tx's if they wanted to force people to adopt it rapidly.
I have a terrible habit of forgetting which community I'm in.
That’s alright haha. But I agree that every country should have their own national card system like Interact here in Canada
What happens if your card is Interac and Visa debit?
Good question! I suppose the merchant can use either system with your card.
That is true. The vendor will process through the system of choice.
They will choose the cheapest option which should generally be Interac.
Good news.
I recently stopped using my cashback Mastercard in favour of my plain old Interac. I did notice that when I add my Interac/Visa Debit to Samsung Wallet it only shows the Interac logo.
Please understand that there are also many third party card processors. That is the company that takes the transaction from the merchant to the payment system. The payment system then takes the transaction to the bank.
Don't be discouraged, but someone may need to become card processors to vendors.
Pressure on Visa and MasterCard may work, but the boycott will need to overcome license fees.
It's not in any way a tax. It's a fee you pay for a service you wish to use. It's as much a tax as the money spent on a doughnut is a tax.
The rest of your idea is great. Wish I had access to something like that.
At least you can see a tax on your receipt. Visa, MasterCard and so on all have in their contracts with businesses that you can't tell the customers how much it costs.
I call it a tax because the charge is a percentage of the transaction instead of a flat fee. The fact that Interac can charge a flat fee shows that it is possible.
The "tax" is only accepted because consumers can't see it, and then we're offered rewards like the percent cash back. That's our own damn money they're rewarding us with!
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I have the same question as sloppychops. If my interac debit card is also Visa, how would I know whether the payment terminal is routing through Visa or Interac?
I am one who offers to pay in cash sometimes to small businesses, treating it like an additional tip. But more and more businesses in the Vancouver area use Clover (A Canadian subsidiary owned by Wells Fargo) and Square (American fintech), and either take card only (which they get their cut with Interac debit too), or the staff get a little impatient when I rummage around for cash in my wallet.
I checked my bank for that recently. If you tap or use your PIN in Canada, it's Interac. Everything else is VISA.