Online retail giant Amazon is to stop accepting Visa credit cards issued in the U.K. from 19 January in an extraordinary face-off over transaction fees.
In announcing the move, Amazon said that the decision had been prompted by high credit card transaction fees but said that Visa debit cards would still be accepted.
Visa’s share price slumped nearly 7% yesterday, though they have recovered a little of their lost ground in trading so far today.
In the meantime, Amazon is offering gift card sweeteners to affected customers to apologize for the inconvenience, offering $27 for Prime customers to switch from using Visa to an alternative payment method, and $13.50 for other customers, if they have a Visa card as their only or default payment method on their account.
Source: www.forbes.com
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