Amazon-Visa Finally Reach Settlement

Amazon.com Inc AMZN has agreed to accept Visa Inc's V cards across its global network, Bloomberg reports.

  • Last November, Amazon decided to stop accepting Visa credit cards issued in the U.K. due to the payments processor's high transaction fees charged by the payment processor, Reuters reports.
  • Amazon had considered shifting its popular co-brand credit card to Mastercard Inc MA.
  • Related Content: Analysts Remain Divided Over Amazon's Crusade On Visa
  • Amazon will no longer charge customers who use Visa cards on its site in Singapore and Australia an extra fee and will not turn off Visa credit cards from amazon.co.uk.
  • Last month, British lawmakers said they planned to scrutinize increases in the fees Visa and Mastercard charge businesses after lack of evidence to justify the rises.
  • Retailers have long balked at the fees they pay each time a consumer swipes a card at checkout. 
  • Merchants spent a whopping $110 billion in card-processing fees in 2020 alone.
  • Price Action: V shares traded higher by 0.08% at $229 in the premarket on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsTechMediaBriefsData Processing & Outsourced ServicesInformation Technology
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!