NDP calls for digitized payment systems, business says tread carefully

The Canadian Press

OTTAWA - Small businesses are worried that so-called mobile wallets will give banks and credit card companies a new way to gouge them and consumers both.

A task force recommended nearly a year ago that Ottawa introduce legislation to give Canadians and businesses better tools to make payments digitally.

But a committee set up by the Finance Department to further study the issue has been told businesses worry they'll be hit with new fees as consumers adopt payment systems designed for their mobile devices.

The Canadian Federation of Independent Business says its members are terrified that the fees will become too much of a burden, just like those charged for premium credit cards.

Many European, Asian and African countries have been quick to adopt systems that allow payments to be made using smart phones.

And many of those countries have imposed caps on digital payment fees.

The Opposition's consumer affairs critic introduced a private members' bill today calling on the government to act on the task force recommendations.