Amazon and Visa 'fail to reach agreement' - report
Plans by Amazon to stop accepting UK-issued Visa credit cards remained on track on Wednesday, after it was reported that the two sides had yet to reach agreement.
The online retail giant first announced in November that it would no longer accept Visa from 19 January 2022, because of the "high" fees Visa charged for processing credit card transactions. It also offered customers £20 off their next item if they swapped to an alternative payment method.
At the time, an Amazon spokesman said: "These costs should be going down over time with technological advancements, but instead they continue to stay high or even rise."
Visa has previously said it was disappointed by the decision, and that it would "continue to work toward a resolution".
But on Wednesday, Amazon told The Mirror that so far no resolution had been agreed and customers would be unable to use their Visa credit cards from 19 January. Visa debit cards will still be accepted.
Visa has yet to comment on the report.
The financial services giant, which provides Amazon’s branded credit card in the US, announced last year that it would increase interchange charges on items ordered in the UK from Europe to 1.5%.
Mastercard, which supplies Amazon’s branded credit card in the UK, also said EU-based businesses could be charged more. The EU put a cap on interchange fees in 2015 but Mastercard said that no longer applied following the UK’s departure from the bloc.