Amazon announces that it will stop accepting Visa cards issued in the U.K. transaction fees are too high

Amazon recently announced that starting from January 19 next year, it will stop accepting payments from users with Visa credit cards issued in the United Kingdom. This means that the processing fees for Visa transactions are too high, which means that buyers need to pay higher fees; Visa debits Card and Mastercard (Mastercard) are not affected.

According to foreign media reports, an Amazon spokesperson said that the handling fees for credit card transactions are too high, which means that consumers will need to pay higher prices for this. When customers check out with a credit card, the merchant must pay a transaction fee to the issuing bank. This rate is set by credit card giants such as Visa and Mastercard. The rates are different. For example, the rate for cards with travel rewards is higher, usually 2% or 2% or more.

Amazon said that users can still use Visa debit cards or credit cards issued by institutions such as Mastercard and American Express. And to provide a discount of 20 pounds to users affected by this change to encourage users to change the payment method to other payment tools.

Visa also issued a statement earlier that it was disappointed with Amazon’s “threat” restricting consumer payment methods. It also pointed out that Visa and Amazon have been working together for many years and are trying to solve the problem. It is hoped that Amazon UK customers can continue to use Visa credit cards to pay.

source: Bloomberg

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