ONTARIO – Walmart Canada announced on June 11 that it will stop accepting Visa credit cards. “Following an evaluation of credit card transaction fees in Canada and the rest of the world, we have concluded the fees applied to Visa credit card purchases remain unacceptably high,” said the retailer in a statement.

“To ensure we are taking care of our customers’ best interests and delivering on our promise of saving customers money, we constantly work to reduce our operating costs, including credit card fees. Unfortunately, Visa and Walmart have been unable to agree on an acceptable fee for Visa transactions. As a result we will no longer accept Visa in our stores across Canada, starting with our stores in Thunder Bay, on July 18, 2016.  This change will then be rolled out in phases across the country,” the statement read.

Walmart Canada noted that it pays more than $100 million in fees to accept credit cards annually. Customers will still be able to use Interac debit, MasterCard, Discover and American Express.

CBC News reports that Walmart isn’t the first retailer to stop accepting Visa. Grocer No Frills doesn't accept Visa or American Express, citing the card brands as being too expensive.

A representative from Visa Canada said in a written statement that the company "regrets" Walmart's decision, and that it will have a "negative impact" on Walmart's shoppers.

Walmart Canada said the company is holding out hope that it will be able to "reach an agreement" with Visa for lower fees.