Amazon's British website has backed away from plans to stop accepting Visa credit cards issued in the United Kingdom, saying Monday that the move has been put on hold while talks between the two sides continue.
The online retailer said the change would not be implemented as planned on Wednesday. Amazon had announced the move in November, blaming the high fees Visa charges for processing credit card transactions.
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, the retailer said in an email to customers.
Amazon didn't rule out future action but told customers it would give them advance notice of any changes related to the acceptance of Visa credit cards.
Credit card fees have been a growing source of tension between Amazon and Visa. Last year, Amazon started charging customers in Australia and Singapore who use Visa credit cards a 0.5% surcharge.
In any credit card transaction, there are a number of fees involved, such as an interchange fee that the shopper's bank pays to the retailer's bank and other costs like service and technology charges. It isn't clear which fee is the focus of the UK dispute.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU