Wal-Mart Stores, Inc. (WMT) has announced that it will no longer be accepting Visa Inc (V) cards at its Canada stores.
Walmart said that it was unable to reach a deal with Visa to reduce credit card fees at its stores. It claims that the current fees required by the company are “unacceptably high” and that it will stop allowing the cards to help customers save money.
Walmart said that its Thunder Bay stores will be the first to no longer accept Visa cars. This will go into effect on July 18, 2016 and other stores will follow suit as the company stops support for the cards in phases.
Walmart said that it still hopes to reach an agreement with Visa concerning the credit card fees. It also apologized to customers that may be negatively affected by the change.
V shares were down 1% as of Monday morning.
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