Amazon Ends Support for Visa Credit Cards Issued in the United Kingdom
Amazon, which operates one of the world's largest e-commerce sites, will stop supporting Visa credit cards issued in the United Kingdom from 2022. This is due to the unreasonably high transaction fees that Amazon has to pay when customers make payments with their credit cards.
Amazon to Stop Accepting UK-Issued Visa Credit Cards --WSJ
Amazon Will Stop Accepting Visa Credit Cards Issued in Britain --The New York Times
https://www.nytimes.com/2021/11/17/business/amazon-visa-britain.html
Amazon customers blocked from using Visa credit cards
https://www.telegraph.co.uk/personal-banking/credit-cards/amazon-ban-payments-visa-credit-cards-next-year/
Amazon Stops Payment Method Using UK-Issued Visa Credit Cards From 2022 --Bloomberg
https://www.bloomberg.com/news/articles/2021-11-17/amazon-will-stop-accepting-visa-credit-cards-issued-in-the-uk
After January 19, 2022, Visa credit cards issued in the United Kingdom will no longer be accepted on Amazon. Amazon users received a notification from Amazon in the third week of November 2021 that they will no longer be able to use Visa credit cards issued in the United Kingdom. Since being informed about this notice, Visa's share price has fallen 5.2%.
An Amazon spokeswoman said, 'The cost of accepting card payments is an obstacle for companies striving to offer the best prices to their customers,' said Amazon's price range when accepting high transaction fees. Said that it would be impossible to maintain.
Amazon has informed users that 'Visa debit cards, Mastercard and American Express credit cards, and Visa credit cards issued outside the United Kingdom will continue to be accepted.' Please note that Amazon charges an additional fee for users who already use Visa credit cards in Singapore and Australia.
In response, a Visa spokeswoman said, 'I'm very disappointed that Amazon threatens to limit consumer choices in the future. If consumer choices are limited, everyone 'We have a long-standing relationship with Amazon and we are working hard to solve the problem,' he told Bloomberg, an overseas media outlet.
Retailers, including Amazon, have long been dissatisfied with the high transaction fees they spend each year to accept electronic payments. As the percentage of this transaction fee increases, it has risen to more than 100 billion dollars (about 11.4 trillion yen) annually in the United States.
Soaring transaction fees have accelerated since the UK left the EU. Credit and debit card transaction fees in the UK have risen to £ 150m annually, a burden for both UK and European retailers, according to a Bloomberg study. ..
According to retail payment advisory CMS Payments Intelligence and the British Retail Consortium, the UK's departure from the EU will lift transaction limits between the UK and the European Economic Area, and card companies will face higher cross-border transaction fees. It seems that it became.
UK economic system regulators said, 'Card payments will account for more than four-fifths of UK retail spending in 2020, with only two companies accounting for 98% of these payments.' 'Finally these Unless we can control the surge in costs, it will be consumers who will suffer from higher prices. '
In 2016, Wal-Mart sued Visa over rising transaction fees, and in 2018, supermarket chain Kroger stopped supporting Visa's credit cards at its subsidiary Foods Co.
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