- Visa payment cards will still be accepted by Amazon consumers in the United Kingdom, as previously announced by the two firms.
- The 0.5 percent surcharge on Visa credit card transactions implemented by Amazon in Singapore and Australia last year will also be removed.
- As a result of Amazon’s push on Visa to decrease its fees, major card networks are becoming increasingly unpopular with businesses.
To resolve a disagreement over Visa’s fees, Amazon and Visa have reached a global agreement.
Visa payment cards will still be accepted by Amazon consumers in the United Kingdom, as previously announced by the two firms. The 0.5 percent surcharge on Visa credit card transactions implemented by Amazon in Singapore and Australia last year will also be removed.
Two days before the move was scheduled to take effect, Amazon announced that it had scrapped plans to stop accepting Visa credit cards in the UK. At the time, both companies stated that they planned to continue discussions to find a more comprehensive solution to their dispute.
In an email to CNBC, an Amazon spokeswoman said, “We just struck a global agreement with Visa that permits all consumers to continue using their Visa credit cards in our stores.” For customers, “Amazon remains committed to providing a payment experience that is easy to use and provides a variety of options.”
A succession of initiatives by Amazon have put pressure on Visa to decrease its fees, signalling retailers’ growing dissatisfaction and Amazon’s market power and sway over its business partners.
