17 Feb 2022
Visa and Amazon Finalize Deal over Payments, Resolving Transaction Fee Dispute
The Index Today
Visa Inc. announced on Wednesday that their credit cards will continue to be accepted at all Amazon Inc. stores and websites, after both companies reached an agreement over payment fee issues.
This comes after Amazon revealed in November last year that they would cease accepting Visa credit cards in the U.K. due to the high amount charged as transaction fees. However, that has since changed with the e-commerce conglomerate recanting its earlier announcement by confirming that it would continue to accept Visa cards in the U.K.
The dispute arose after Brexit led to the removal of transaction fee restrictions that had been previously put in place by the European Union.
Visa’s spokesperson told Reuters, "Visa is pleased to have reached a broad, global agreement with Amazon. This agreement includes the acceptance of Visa at all Amazon stores and sites today, as well as a joint commitment to collaboration on new product and technology initiatives to ensure innovative payment experiences for our customers in the future."