- Reaction score
- 1,693
Feb 17 (Reuters) - Amazon.com Inc has reached agreement with Visa Inc (V.N) to accept its credit cards across its network, ending a standoff between the two that threatened to disrupt e-commerce payments and deal a blow to the U.S.-based payments processor.
Details of the deal were not disclosed but Visa and other payments cards have faced increased pressure about their fees as more shoppers have turned online during the pandemic. The spat had highlighted the growing clout of retailers in the fee battle. read more
Amazon had said in November it was considering dropping Visa as partner on its U.S. co-branded credit card, after earlier confirming it would stop accepting Visa credit cards in the UK because of high transaction fees. read more
The agreement announced on Thursday means Amazon customers can continue using Visa credit cards in its stores, the e-commerce group said in a statement.
Neither side said what fees would be levied in future - an issue which came to the fore particularly in Britain after an EU-enforced cap on card fees is no longer in place following Brexit.
www.reuters.com
Details of the deal were not disclosed but Visa and other payments cards have faced increased pressure about their fees as more shoppers have turned online during the pandemic. The spat had highlighted the growing clout of retailers in the fee battle. read more
Amazon had said in November it was considering dropping Visa as partner on its U.S. co-branded credit card, after earlier confirming it would stop accepting Visa credit cards in the UK because of high transaction fees. read more
The agreement announced on Thursday means Amazon customers can continue using Visa credit cards in its stores, the e-commerce group said in a statement.
Neither side said what fees would be levied in future - an issue which came to the fore particularly in Britain after an EU-enforced cap on card fees is no longer in place following Brexit.
Amazon accepts Visa credit cards in global truce over fees
Amazon.com Inc has reached agreement with Visa Inc to accept its credit cards across its network, ending a standoff between the two that threatened to disrupt e-commerce payments and deal a blow to the U.S.-based payments processor.
