Ottawa has reached five-year deals with Visa, MasterCard and American Express to cut fees by about 10 basis points. In 2020, fees that are collected from businesses will be reduced. Some people had hoped that Ottawa would lower the rate a little more, given that this is only a very small step considering what could have been done. The Canadian Federation of Independent Business called the changes positive. When governments regulate rates, banks can always find other fees to increase to compensate for their lost revenue, so there may be some unexpected consequences.

Read more: Big credit card firms agree to cut fees they charge merchants