January 5, 2017 / 11:03 PM / 2 years ago

Walmart Canada, Visa reach deal after fee dispute

The logo of Dow Jones Industrial Average stock market index listed company Visa (V) is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson

TORONTO (Reuters) - Wal-Mart Stores Inc and Visa Inc reached an agreement to continue offering Visa as a payment option for customers in Canada, the two companies said on Thursday.

Last summer, Walmart Canada said it would stop accepting Visa cards after a public dispute with the credit card provider over what the retail giant called “unacceptably high” merchant fees.

Three stores in Thunder Bay, Ontario, and 16 stores in the province of Manitoba were impacted by the initial roll-out of the decision last year. These stores will resume accepting Visa on Friday.

A Walmart Canada spokesman said details of the agreement were confidential.

The original decision would have eventually impacted more than 370 outlets across Canada. No U.S. locations were affected.

Retailers have long complained about merchant fees charged by credit card companies. But Walmart and Visa’s negotiations were unusually public, with Visa taking up ads in Canadian newspapers, saying Walmart was using its customers as pawns in its bid to get lower fees.

Reporting by Solarina Ho; Editing by Sandra Maler

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