Amazon backs down over Visa UK credit card charges
Amazon.com Inc (NASDAQ:AMZN) has performed an apparent U-turn on accepting credit card payments from Visa (NYSE:V) customers in the UK.
In November, the online retail colossus said its UK business will stop accepting payments from the cards issuer, which it said was because of the high transaction fees charged.
After Visa (NYSE:V) was reported to have refused to change its fees, Amazon appeared today to have climbed down from its high horse.
In an email to customers on Monday, Amazon UK said: “The expected change regarding the use of Visa (NYSE:V) credit cards on Amazon.co.uk will no longer take place on January 19. We are working closely with Visa on a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk.
“Should we make any changes related to Visa credit cards, we will give you advance notice. Until then, you can continue to use Visa credit cards, debit cards, Mastercard (NYSE:MA), American Express, and Eurocard as you do today.”
Financial commentator Myron Jobson at broker Interactive Investor, said: “Amazon’s attempt to strong-arm Visa into reducing its transaction fees has failed in spectacular fashion and has left the online retail giant with its tail between its legs.
“Visa effectively called the bluff, dug its heels in and Amazon was first to flinch. Amazon has now taken a more conciliatory tone, claiming to be working with the credit card company on a potential solution.”
Jobson said the scale of Visa’s network, even though it is smaller in terms of revenue and market cap, meant that Amazon had more to lose if it went ahead with the ban.
“Amazon simply had to weigh up the potential cost of abandoned purchases and the potential loss of traffic to its website because of the ban with the cost of paying Visa’s transaction fees – and the scales tipped in Visa’s favour,” he said.
“There may be more twists and turns to come in the saga, but for now, Visa credit card users can continue to flash their plastic on Amazon.”
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/971317/amazon-backs-down-over-visa-uk-credit-card-charges-971317.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,812,340,014 |
| Stories: | 8,654,433 |
Whistler Blowers, Insiders
