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FinanceAmazon to stop accepting Visa credit cards issued in the UK

Amazon to stop accepting Visa credit cards issued in the UK

Leon Neal | Getty Images News | Getty Images

LONDON — Amazon plans to stop accepting funds made through Visa credit cards issued in the U.Ok. beginning subsequent yr.

The e-commerce large has informed some clients that, from Jan. 19 onward, the firm will not settle for Visa credit cards issued in Britain due to excessive charges charged by the cost processor.

Visa earlier this yr hiked the interchange charges it expenses retailers for processing digital transactions in the U.Ok., following the nation’s exit from the European Union. The transfer adopted an identical improvement from Mastercard, which additionally elevated its charges.

Amazon clients had been informed they may nonetheless have the option to use debit cards — together with these issued by Visa — and non-Visa credit cards like Mastercard and American Express. Users are being inspired to replace their default cost technique forward of the adjustments. The information was first reported by Bloomberg.

Visa stated it was “very disappointed that Amazon is threatening to restrict consumer choice in the future.”

“U.K. shoppers can use their Visa debit and credit cards at Amazon U.K. today and throughout the holiday season,” a Visa spokesperson informed CNBC.

“We have a long-standing relationship with Amazon, and we continue to work toward a resolution, so our cardholders can use their preferred Visa credit cards at Amazon U.K. without Amazon-imposed restrictions come January 2022.”

Amazon blasted Visa for its excessive card expenses. “The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers,” a spokesperson for the firm informed CNBC.

“These costs should be going down over time with technological advancements, but instead they continue to stay high or even rise.”

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