Amazon will stop accepting Visa credit cards issued in Britain

Amazon goes stop accepting issued Visa credit cards in Britain from mid-January, the company said on Wednesday. In an email to custome...

Amazon goes stop accepting issued Visa credit cards in Britain from mid-January, the company said on Wednesday.

In an email to customers, Amazon said the change was due to “Visa’s high fees” for processing credit card transactions. Visa debit cards and other credit cards, including Mastercard and American Express, will always be accepted. The change will take effect on January 19.

Amazon said it believed credit card payment costs – small percentages of the transaction price that issuers charge retailers – “are expected to decline over time with advancements in technology.” Instead, the company said, the costs have remained high.

“We are very disappointed that Amazon is threatening to restrict consumer choice in the future,” Visa said in a statement. He said he was still working on a resolution.

For years, merchants have complained about transaction fees eating into their revenue – some retailers not accepting American Express because of its high prices, for example – but the fact that Amazon is fighting could increase the pressure. Visa and others may have to compromise on pricing or risk fallout with the world’s largest online retailer.

While Amazon has said the fees charged by Visa are a global issue, Britain’s ban on credit card transactions is most advanced. In Singapore, Amazon added a 0.5% surcharge to all purchases made with Visa credit cards from mid-September.

According to Great Britain Payment systems regulator, an independent agency, part of the fees paid to Mastercard and Visa approximately doubled between 2014 and 2018.

UK businesses have already faced higher credit card fees this year after the country left the European Union. No longer protected by the block fee cap, Visa and Mastercard plans to increase fees for cross-border online purchases made between Great Britain and many countries in Europe.

The UK Retail Consortium said on Wednesday that retailers in Britain and the European Economic Area had to pay an additional 150 million pounds ($ 202 million) per year to accept cross-border card payments.

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Newsrust - US Top News: Amazon will stop accepting Visa credit cards issued in Britain
Amazon will stop accepting Visa credit cards issued in Britain
Newsrust - US Top News
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