NEWS

Amazon and Visa reach agreement over payment fees

Published on: 18th February 2022

Visa cards will continue to be accepted at all Amazon.com stores and bricks and mortar locations, it has been announced.

Amazon and Visa have finally reached an agreement over their well-publicised dispute involving payment fees.

The dispute started last November when the retail giant announced it would stop accepting Visa credit cards issued in the UK due to the high transaction fees being charged by Visa.

“We’ve recently reached a global agreement with Visa that allows all customers to continue using their Visa credit cards in our stores,” an Amazon spokesperson stated in an email to Reuters on Thursday.

Amazon had been due to make the change on 19th January but reversed its decision at the very last moment saying it was “working closely with Visa on a potential solution.”

A Visa 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.”

According to Charged, British lawmakers announced last month that they planned to scrutinise the increase in the fees that Mastercard and Visa charge businesses after the country’s payments regulator found no evidence to justify the rises.

Cavendish director and head of Financial Services, Ben Goldring, told the online news publication: “While the agreement which allows consumers to continue using their Visa card for Amazon purchases is unsurprising, I think it will be interesting to see how Amazon prioritises different payment options for consumers in 2022. I expect Amazon may privilege alternative payment rails which either provide enhanced SKU-level data and reactivation potential (BNPLs) or lower cost and chargeback rations (open banking payment providers).”

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