Reportedly, Amazon (AMZN) and Visa Inc. (V) have resolved their dispute where Amazon was considering a ban on U.K.-issued Visa credit cards, threatened to damage the financial giant’s business, and disrupt e-commerce payments. The retailer informed it will no longer charge customers who use Visa cards on its site in Singapore and Australia an extra fee, and won’t turn off Visa credit cards from amazon.co.uk. Earlier it was reported, Amazon was considering shifting its popular co-brand credit card to Mastercard Inc.
Visa often reaches special pricing agreements, for the biggest banks and merchants to persuade them to send more volume over its network. The company set aside $8.4 billion in fiscal 2021 for such incentives, 26% more than a year earlier.
“We’ve recently reached a global agreement with Visa that allows all customers to continue using their Visa credit cards in our stores. Amazon remains committed to offering customers a payment experience that is convenient and offers choice,” informed Amazon’s spokesman.
A Visa spokesman said in an emailed statement, “Visa is pleased to have reached a broad, global agreement with Amazon. 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.”
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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