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ARTICLE · 30 OCTOBER 2024

Canada Has A New Code Of Conduct For The Payment Card Industry Effective October 30, 2024

McCarthy Tétrault
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On October 1, 2024, the Canadian Department of Finance announced that there will be a new Code of Conduct for the Payment Card Industry (the Code), currently known as the Code of Conduct for the Credit and...

CanadaTechnology
TechLex Blog
TechLex Blog
Cindy Zhang
Cindy Zhang
Christopher Yam
Christopher Yam
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On October 1, 2024, the Canadian Department of Finance announced that there will be a new Code of Conduct for the Payment Card Industry (the Code), currently known as the Code of Conduct for the Credit and Debit Card Industry in Canada. The Code is a set of policies and rules that govern payment card network operators (PCNOs) that have agreed to its adoption. Once adopted by a PCNO, the Code's rules are incorporated in the network's governing rules, regulations and contracts. Participating networks include Mastercard, Visa, Amex, Interac, Discover and UnionPay.

The changes to the Code are extensive and bring, directly and indirectly, network participants including issuers, acquirers and payment processors within the oversight of the Federal Consumer Agency of Canada. In particular, the new Code formalizes concepts that apply to third-party "downstream" processors involved with merchant-acquirer arrangements and related contracts.

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