Yep, unfortunately you read that right - Walmart Canada will soon stop accepting Visa cards as a method of payment across its 405 Canadian stores.
The decision is a result of a disagreement between the retailer and the credit card company. Walmart thought that the transaction costs being imposed by Visa Inc. were too high, despite the fact that Visa Inc. already offered Walmart "one of the lowest rates available to any merchant in the country." They were unable to reach an agreement on an appropriate fee for Visa transactions.
The tension between the two companies has ensued for a while now. One past high profile disagreement involved the issue of debit card purchase verification in the US.
This will surely have a huge impact on regular Walmart shoppers (like myself), who rely on heavily on Visa credit cards as a method of payment. Walmart will continue to accept American Express, Mastercard, Discover and other cards.
It will stop accepting Visa cards starting with three stores in Thunder Bay, ON on July 18.