BENTONVILLE, Ark. – World's largest retailer Wal-Mart Stores Inc. on Tuesday said it will no longer accept debit cards linked to a Visa International network after the company more than doubled the fees it charges retailers.
Beginning Oct. 13, Wal-Mart said it will no longer accept Interlink-serviced debit cards because fees for each transaction were raised 125 percent, to 45 cents from 20 cents.
Wal-Mart opted to sever its ties with Interlink because it would have to pass the increased fees along to its customers in the form of higher prices, a Wal-Mart spokesman said.
``This is an outrageous action by Interlink and Visa,'' Mike Cook, assistant treasurer for Wal-Mart, said in a statement.
Officials from Visa could not immediately be reached for comment.
Less than 10 percent of the 350 million debit-card transactions Wal-Mart processes each year is handled by the Interlink network, Wal-Mart said.
The retail giant said Visa offered it a $32 million incentive to accept the higher fees, which it turned down.
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