Walmart Canada announced on Saturday, June 11, that all Canadian stores will no longer be accepting Visa credit cards.

This decision came after Visa and Walmart were "unable to agree on an acceptable fee for VISA transactions," according to the Walmart Canada press release.

The new policy will take effect in Thunder Bay, Ontario, starting July 18, 2016, and will continue to expand to the rest of the country in phases.

According to the press release, "Walmart Canada pays over $100 million in fees to accept credit cards each and every year."

Visa Canada issued their own release stating, "We regret Walmart's decision to no longer accept Visa at its Canadian stores and the negative impact their decision will have on loyal shoppers across Canada."

Visa also claims, "Walmart made this decision despite Visa offering one of the lowest rates available to any merchant in the country."

Canadian Walmart locations will continue to accept cash, Interac debit, MasterCard, Discover and American Express as forms of payment.

Despite the announcement, Walmart Canada claims, "We sincerely regret any impact this will have on our customers who use Visa and remain optimistic that we will reach an agreement with Visa."

Walmart Canada could not be reached for comment.