The online retail giant Amazon will stop accepting Visa credit cards in the UK. It is thought due to high credit card transaction fees Amazon has decided to take this decision. However, Visa debit cards would still be accepted.
The Visa company didn’t accept it positively. They said it was “very disappointed that Amazon is threatening to restrict consumer choice in the future”. Amazon explained the steps, “The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers.” But Amazon and Visa claimed that the changes in fees are not related to Brexit.
Amazon has also decided to drop Visa as a partner for its US co-branded credit card. The senior personal finance editor James Andrews said, “With American Express also rejected by many UK retailers, that means people looking for rewards on their spending or trying to split the cost of shopping with a 0% purchase card on Amazon will be effectively forced to choose a Mastercard.”
Mastercard’s executive vice-chairman Ann Cairns said about this credit card fees, “It’s very important that customers have a choice, and have the widest variety of ability to pay, whether that’s through cards or from their bank accounts or cash, and remember that it is never the consumer that pays fees.”