"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," the company said in a statement. "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."

The company said it pays more than $100m in fees annually to accept credit cards and that lowering costs is required to keep prices down in stores.

"We are disappointed that Walmart chose to put their own financial interests ahead of their own consumers' choice," a Visa spokesperson said, adding that it offers "one of the lowest rates available to any merchant in the country."

Stores will still accept Interac debit, MasterCard, Discover and American Express.

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