Virtual debit cards and consumer protection / : Carte de débit virtuelle : les consommateurs sont-ils bien protégés?

As a solution, Option consommateurs proposes the adoption of a legally binding framework for debit cards that would establish rules that stipulate the extent of liability in cases of unauthorized use and dictate the obligations of the issuer in the event of a dispute between the merchant and the consumer. [...] They also set the disputed “interchange fee13,” a percentage of the amount of each transaction paid by the acquirer, not to the network, but to the issuer. [...] Both the Canadian Payments Act 53 and the Payment Card Networks Act54 give the federal government the power to regulate the practices of the operators of. [...] The Payment Clearing and Settlement Act was primarily adopted for the purpose of overseeing one of the CPA’s settlement systems, the Large Value Transfer System (LVTS) and monitoring and regulating the Bank of Canada, given the systemic risks that could arise56. [...] For example, one Visa prospectus states (in small print) the following condition: Visa cardholder must establish, to the satisfaction of the financial institution, that the transaction is not the responsibility of the cardholder in accordance with the financial institution’s cardholder agreement.