04/13/2015 01:16 EDT | Updated 06/13/2015 05:59 EDT

Credit Card, Mobile Payment Code Of Conduct Gets An Update From Ottawa

TORONTO - Ottawa has updated the code of conduct governing credit and debit card transactions, including adding new rules relating to mobile payments.

Finance Minister Joe Oliver made the announcement at the Arts Market store in Toronto.

The new rules include a provision that says mobile payment users must be given full control of the default settings on their mobile wallets.

The new code also requires that reduced rates for credit and debit card transactions announced by Visa and MasterCard in November be fully passed on to merchants.

Merchants will also have more flexibility to exit their contracts without penalty.

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