BELOW SUPERNAV drop zone ⇩

Amazon to stop accepting Visa’s UK-issued credit cards over high fees

FILE – In this Friday, July 27, 2018 file photo, the logo for Amazon is displayed on a screen at the Nasdaq MarketSite. Amazon says it will stop accepting Visa credit cards issued in the United Kingdom because of a dispute over fees that the payment company charges. The e-commerce giant said in a message to customers Wednesday, Nov. 17, 2021, that they won’t be able to use Visa credit cards after January 19, 2022, blaming “the high fees Visa charges for processing credit card transactions.” (AP Photo/Richard Drew, file)

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Testing widget old system

Lorenzo shared

(Reuters) — Amazon.com Inc will stop accepting Visa Inc credit cards issued in the United Kingdom from next year because of the high transaction fees charged by the payment processor, the e-commerce giant said on Wednesday.

“As a result of Visa’s continued high cost of payments, we regret that Amazon.co.uk will no longer accept UK-issued Visa credit cards as of 19 January, 2022,” an Amazon spokesperson said in an emailed statement.

Amazon customers can still use Visa debit cards, Mastercard and Amex credit cards, and Eurocard, the company said in a note to its customers.

“We are very disappointed that Amazon is threatening to restrict consumer choice in the future,” a Visa spokesperson said in a statement.

“We continue to work toward a resolution, so our cardholders can use their preferred Visa credit cards at Amazon UK without Amazon-imposed restrictions come January 2022.”

Since Brexit, an EU-enforced cap on fees charged by card issuers is no longer in place in the UK.

The move by Amazon, earlier reported by Bloomberg News, has prompted the UK Trade Commission to call on the government to improve the UK-EU trade agreement and analysts to call on British regulators to look into the fees in the credit card market.

“If Amazon can’t make it work, with all their resources and ability to navigate legislation to avoid costs, then small businesses have no chance and so the government must improve the UK-EU trade and cooperation agreement to keep British businesses competitive,” said Tamara Cincik from UK Trade and Business Commission.

Business

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Clear

la

65°F Clear Feels like 65°
Wind
6 mph SW
Humidity
84%
Sunrise
Sunset

Tonight

Partly cloudy skies. Low 62F. Winds light and variable.
62°F Partly cloudy skies. Low 62F. Winds light and variable.
Wind
6 mph W
Precip
8%
Sunset
Moon Phase
Waning Gibbous