Amazon set to reverse planned UK ban on visa credit cards
Amazon emailed UK customers on Monday to inform them that the proposed ban which was to be introduced on Wednesday will no longer take place. Amazon had previously said it was taking this step because of the rising cost of accepting credit card payments.
Bloomberg says “card fees have long been a flash-point between merchants, banks and payment networks such as Mastercard and Visa, the world’s largest.”
“Along with Mastercard Inc., the payments firm sets the rates that merchants pay in swipe fees. While banks that issue cards reap the bulk of that fee, Visa has long faced criticism from merchants over rising costs,” writes Bloomberg.
Amazon first revealed the proposed ban in November, leading to shares dropping and led executives at the payments company to accuse Amazon of punishing consumers.
The prospect of an imminent ban has been lifted but in an email to customers on Monday, Amazon said it was “working closely with Visa on a potential solution.”
“Amazon customers can continue to use Visa cards on Amazon.co.uk after January 19 while we work closely together to reach an agreement,” a Visa spokesman said.
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