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Amazon and Visa reach global deal over fees

By Roland Udvarlaki February 17, 2022, 3:00 pm
Amazon and Visa deal Source: Pocketnow

Amazon announced last year that it would stop accepting Visa Credit cards due to high transaction fees. Amazon announced the news last year in November after Visa began charging 1.5% of the transaction value for credit payments in the UK and EU, and 1.15% for debit card transactions, up from 0.3% and 0.2%, respectively. Reaching a global deal over fees means that both Visa and Amazon managed to strike a deal, and that Amazon customers will be able to continue using their existing cards to make purchases.

The details of the deal were not shared publicly, and we’re unsure about what the deal includes, but there are already a few notable changes that are already in place. Amazon customers in Singapore and Australia also had to pay a surcharge if they used a Visa credit card to purchase items from the service. According to the new deal, the surcharge will be removed from 17 February, and customers will be able to continue using their credit cards as before, without additional fees.

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Amazon said: "We've recently reached a global agreement with Visa that allows all customers to continue using their Visa credit cards in our stores,"

Visa said that it was pleased with the deal and the results, and that “This agreement includes the acceptance of Visa at all Amazon stores and sites today, as well as a joint commitment to collaboration on new product and technology initiatives to ensure innovative payment experiences for our customers in the future.” via BBC UK.

According to an analyst, the increased use of credit and debit cards and online shopping means that payment providers could soon increase their transaction fees to range between 1.5% and 3.5%, which would likely put more pressure on retailers to raise prices (via Yahoo).

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