this post was submitted on 15 Mar 2025
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Visa and Mastercard are American companies, and they essentially tax everybody by taking a percentage of purchase prices for themselves. Not exactly a small percentage either, 1.2% to 2.65%. Ever wonder why so many merchants say they don't accept American Express? That's because they charge quite a bit more to merchantes, 50% more than Visa or Mastercard. Anyway, we're letting American companies tax us and we love them because we get rewards when we use cards. But it's just a shell game because we pay more up front because businesses need to charge more to make up for payment processing charges. They get to sit in the middle and rake in the money.

Now the alternative in Canada is Interac. Interac charges a set amount per transcation. How much? 2 to 5.5 cents. Unless you're going through Apple or Google Pay, and then it's a percentage again.

Interac is also Canadian.

Want to stick it to Trump? Stop using credit cards (and Google Pay or Apple Pay) and switch to Interac. Want to make Canada better? Stop using credit cards and switch to Interac. Is it going to be inconvenient? Yes. Online shopping will be much harder but I have seen online Interac payments before and we can ask our favourite Canadian merchants to accept Interac online.

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[–] rabber@lemmy.ca 9 points 1 day ago (7 children)

I actually need the cash back I get from my credit card though, it's more than 1000 per year

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[–] ninthant@lemmy.ca 30 points 1 day ago (4 children)

I’m on board for this but this proposal is up against a familiar devil: the network effect.

Shops support Visa and Mastercard because customers use them, customers use them because shops support them. This creates a powerful network that is extremely difficult for an upstart to unseat.

So while it’s a good idea to encourage people to take individual action on this — and you’re doing a great job doing so, and I’m taking it to heart for my own actions — we also need to accompany this with a policy solution to help overcome the network effect.

[–] Albbi@lemmy.ca 32 points 1 day ago* (last edited 1 day ago) (2 children)

You're right and the network effect would be very hard to overcome for this. It would need a lot of media attention just like liquor and alcohol.

I whipped this up too.

[–] ninthant@lemmy.ca 11 points 1 day ago (2 children)

This is super cool. And you’ve inspired this Canadian to start moving more payments to Interac. Love the message and I’m on board.

My suggestion to accompany this with policy is not an alternative to taking personal action, but complementary.

One piece of constructive feedback on the artwork— it might be helpful to stress the positive aspect front and centre. For example lead with Interac with a maple leaf, and the American systems in lower prominence by having them 2/3 sized and positioned below.

Please don’t misconstrue my feedback in your mind as an attempt to distract or demoralize you through bike-shedding or anything like that. You’re doing great stuff and it’s inspiring.

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[–] Banana@sh.itjust.works 31 points 1 day ago (7 children)

For this to work, Interac needs to incentivize using it like credit cards do.

All types of loans require a credit score of some kind, and credit cards are one of the best ways to build this. Additionally, credit cards usually offer some kind of return.

Also because of poverty, a lot of people have a dependency on credit or payment plans.

Interac needs to make a Canadian answer to the credit card.

[–] ChaoticNeutralCzech@feddit.org 14 points 1 day ago* (last edited 1 day ago) (12 children)

I'm European. We don't get credit card benefits, we just get stolen from. Everyone uses them nonetheless.

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[–] wirebeads@lemmy.ca 30 points 1 day ago

I’ve given up taking visa / Amex / Mastercard. My business now only accepts Interac e-transfer and cash.

Interac is hands down the most secure way to pay for something. I never have to take a card from a customer, the customer never has to take on additional debt, the money is automatically deposited into my account within seconds, and it costs me absolutely no money to do this and I have to pay no money to a merchant to make it happen.

I wish I could do this at more places.

[–] Charlxmagne@lemm.ee 13 points 1 day ago* (last edited 1 day ago) (1 children)

YES, I ain't even Canadian but been saying this since day, those 2 companies are such a huge factor in how much leverage this 2 party dictatorship has over majority of the world, that and Microsoft, Apple, Google etc. This is why Cash is King, and using American payment processors just feeds their power and leverage over global finance.

You can see how its affected Russia when US payment processors halted operations as part of sanctions. The only viable alternative is using Monero for online transactions and physical cash.

Monero is the only realistic and promising way of paying people online without relying on the two largest payment processors on the planet, fully under the control of the US. The ONLY crypto that's actually treated and used as a currency, rather than a stock like btc, and actually has any real world use and offers privacy.

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[–] Empricorn@feddit.nl 23 points 1 day ago (1 children)

Just like tipping, a percentage system makes no sense. It's the exact same work to bring me a $50 meal vs a $500 one. And for payment processing, a flat fee makes much more sense because there's no difference in processing a $100 transaction vs a $10,000 one.

So why does a percentage-based system persist? Because workers want higher wages (understandable when restaurants refuse to pay them more and expect the customer to pay part of their income). And for giant corporations like Visa and MasterCard, it's literally never enough for them. They can make more money, so that's the only reason. It's so dumb...

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[–] scott_anon_21@lemmy.ca 15 points 1 day ago (3 children)

I have never yet had a problem challenging and reversing a charge made to my credit card. Their fraud detection also seems to be superior. On the other hand, members of my family have had to jump through hoops when challenging fraudulent Interac transactions. They have felt like they are being seen as the more likely perpetrator, and meanwhile the money is no longer in their account while the process drags out. Very stressful.

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[–] Randelung@lemmy.world 10 points 1 day ago (2 children)

See, not using Google Pay is something even I, a non-Canadian, European person can do. doingmypart.jpg!

[–] SirQuack@feddit.nl 1 points 23 hours ago

Most bigger Dutch banks used to have their own payment app, but they've all switched to integrating with Google Pay, and removed the alternative.

I've gotten used to mobile payments — to the point where I don't even know my debit card pin anymore — so it's hard to switch back, but damn is it annoying the service companies have gone evil.

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[–] IslandLife@lemmy.ca 15 points 1 day ago (1 children)

I have a cash back VISA card. The week after Jan 20, I pulled my card info off every online service I use, stopped using the card entirely, and a few days ago canceled it completely. It was a tough choice. I generally earned about $600 a year cash back, but it's time to free ourselves of America and forge our own path. I don't really see the Can/American relationship ever being repaired at this point. Time to move on.

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[–] arankays@lemmy.ca 4 points 1 day ago (1 children)

is this the same interac corporation that won't do anything about their god awful etransfer system? no app like venmo or cashapp? how many years did it take them to implement autodeposit? why do etransfers sometimes take 1 hour?

[–] Albbi@lemmy.ca 7 points 1 day ago (1 children)

You're complaining about something Interac does that credit cards can't even do? I'll wait while you send money with Visa by text.

[–] arankays@lemmy.ca 3 points 1 day ago (1 children)

No. I'm comparing interac to Venmo.

[–] Albbi@lemmy.ca 4 points 1 day ago (1 children)

Ah, I see. I was comparing Interac to credit cards.

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[–] nkat2112@sh.itjust.works 16 points 1 day ago

This is a brilliant strategy. Thank you for sharing that.

[–] Pronell@lemmy.world 9 points 1 day ago (3 children)

Nationalize them! Bring this back under societal control and eliminate that tax.

Then SpaceX, Twitter, and Amazon.

Of course this assumes we defeat the fascists and fix the Supreme Court first.

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[–] melsaskca@lemmy.ca 4 points 1 day ago

3 times in my life I took out a consolidation loan to corral all those costs and pay them off. Credit cards are both a blessing and a curse. Gov't should provide credit services at a reasonable, non-compounding, interest rate.

Between credit card companies, finance companies and the banks, the interest they extract yearly would put all the space billionaires to shame.

[–] sloppychops@lemmy.ca 10 points 1 day ago (4 children)

What happens if your card is Interac and Visa debit?

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[–] SpikesOtherDog@ani.social 9 points 1 day ago

Please understand that there are also many third party card processors. That is the company that takes the transaction from the merchant to the payment system. The payment system then takes the transaction to the bank.

Don't be discouraged, but someone may need to become card processors to vendors.

Pressure on Visa and MasterCard may work, but the boycott will need to overcome license fees.

[–] M0oP0o@mander.xyz 3 points 1 day ago

No one has enough money, and this trend will get worse as this trade war goes on. Unless you can replace the credit buffer this initiative is a non starter.

To many people are living partly on a credit card, we need to ether replace it with an non american credit card, some other form of credit (LoCs are harder to get at the moment) or find a way to get more money to Canadians.

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