Walmart and Visa have ended an acrimonious and public battle over interchange fees that saw the Walmart refuse to accept Visa credit cards in its northern Ontario and Manitoba stores.
In a brief statement Thursday afternoon, Walmart said it would allow customers in those regions to once again use Visa cards beginning Friday.
“We have come to an agreement with Visa which allows us to continue offering Visa as a form of payment in our stores,” explained Alex Roberton, senior director of corporate affairs at Walmart, in an emailed statement.
Carla Hindman, a spokesperson for Visa, confirmed that Visa cards will be accepted “as a form of payment in all Walmart stores across Canada” as of Friday.
Neither side would provide details of their deal, with both citing confidential business terms.
Interchange fees have come under increasing scrutiny around the world in recent years amid complaints from retail and consumer groups, and even some politicians, who fear they ultimately drive up the cost of goods for consumers.
On Thursday, officials from both Walmart and Visa declined to say where the two sides landed on the interchange fees in their latest agreement.
“Visa doesn’t disclose confidential business terms,” Hindman said.