"In 2025, American-owned Visa and Mastercard controlled 96 percent of Canada's credit card market. These networks can be weaponized, shutting countries out of global commerce."
"Kimberly Prost, a Canadian International Criminal Court judge, has been sanctioned by the Trump administration, complicating her ability to use credit cards while traveling."
"Canada has a strong domestic debit system with Interac, but that independence is eroding as Visa and Mastercard partner with Interac on co-badged cards."
"The United Kingdom is reportedly exploring a national alternative to Visa and Mastercard over fears that U.S.-owned payment providers could freeze its economy."
Canada's reliance on American-owned Visa and Mastercard, which dominate 96 percent of the credit card market, poses risks to its financial sovereignty. The current payment systems can be weaponized, impacting individuals like Canadian judge Kimberly Prost, who faces difficulties due to sanctions. While Canada has a strong debit system with Interac, its independence is diminishing as partnerships with American companies grow. The situation highlights the urgent need for Canada to establish its own digital payment infrastructure to safeguard against potential economic coercion from foreign entities.
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