Amazon reaches Visa agreement
While no details of the deal have been given, the news brings an end to a three-month stand-off between the firms
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Amazon has announced it has reached an agreement with Visa that will see it continue to accept credit card payments at its stores and sites.
In a statement sent to customers 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. As a result, we will not move forward with our previous plans to stop accepting UK issued Visa credit cards.”
While no details of the deal have been given, the news brings an end to a three-month stand-off between the firms which would have seen a surcharge applied to Amazon’s sites in Singapore and Australia and the possibility of it banning the use of Visa credit cards in its UK stores.
In an email to Reuters, Visa confirmed the deal and said: “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.”
The news comes after the online retail giant said in November of last year that it has made the decision “due to the high fees Visa charges for processing credit card transactions”.
The news will be welcomed by customers, however the uncertainty has not damaged Amazon recent performance after it recently revealed its Q4 profits hit $14.3bn (£10.5bn). It also saw net sales surge 9% year-on-year from $125.6bn (£92.5bn) to $137.4bn (£101.2bn).
