Amazon said it would continue to accept Visa credit card payments in the UK, reversing a decision to ban the cards it announced last November and was due to go into effect on Wednesday 19 January this week.
In an email to customers, Amazon said it is “working closely on a potential solution that would allow customers to continue using their Visa credit cards on Amazon.co.uk.” The company didn’t say what the fix was or how long it might last, but did say that “if we make any changes related to Visa credit cards, we’ll let you know in advance.”
Visa Quintupled Interchange Fee After UK Leaves the EU
The initial decision to ban Visa credit cards on Amazon.co.uk stemmed from a dispute over payment fees charged by card issuers. The EU sets limits on these special tariffs, but when the UK left the EU, it gave the issuer carte blanche to raise them. Visa increased its interchange fee from 0.3% to 1.5%, which clearly angered Amazon.
While it’s unclear which deal was brokered between Amazon and Visa and in whose favor it was, it was Visa’s stock that initially fell after the ban was announced. According to Sky News, Visa said in a statement: “Amazon customers may continue to use Visa cards on Amazon.co.uk after January 19, while we work together to reach an agreement.”
San Francisco, Jan 18 (IANS)| Amazon has reversed its earlier decision to ban Visa credit cards from January 19 over fee issues.
The e-commerce giant told customers in an email that it is “working on a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk.”
“If we should make any changes related to the Visa credit card, we will notify you in advance,” the company said.
According to The Verge, the original decision to ban Visa credit cards on Amazon.co.uk arose out of a dispute over payment fees charged by card issuers.
“The EU has set limits on these special fees, but when the UK left the EU it gave issuers free rein to increase them. Visa increased its interchange fees from 0.3 per cent to 1.5 per cent,” said the report late in the day. percentage tax, which apparently angered Amazon.” Monday.
Visa said in a statement that “Amazon customers may continue to use Visa cards on Amazon.co.uk after January 19, while we work together to reach an agreement.”
In an email to customers, Amazon said it is “working closely on a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk.” The company didn’t say what the solution was or how long it might be in place, but added that “should we make any changes related to the Visa credit card, we’ll give you advance notice.”
The original decision to ban Visa credit cards on Amazon.co.uk arose out of a dispute over payment fees charged by card issuers. The EU sets limits on these special tariffs, but when the UK left the EU it gave issuers free rein to raise them. Visa raised its interchange fee from 0.3 percent to 1.5 percent, which apparently angered Amazon.
While it’s unclear which deal brokered between Amazon and Visa and in whose favor it was, it was Visa’s stock that initially dropped after the ban was announced. According to Sky News, Visa said in a statement: “Amazon customers may continue to use Visa cards on Amazon.co.uk after January 19, while we work together to reach an agreement.”
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