Amazon and Visa agree global payments deal to settle long-running dispute
Amazon and Visa confirmed today they had settled a long-running dispute over payment fees as they inked a global deal allowing shoppers to use Visa cards on all Amazon sites.
The two firms have been locked in a dispute since the e-commerce giant said it would no longer accept Visa cards issued in the UK because of the firm’s high transaction fees.
Amazon later rowed back from a sweeping ban of the cards just as it was about to come into force.
Amazon and Visa spokespeople confirmed that the firms had put the dispute to bed as they agreed a global deal allowing the use of Visa cards.
“We’ve recently reached a global agreement with Visa that allows all customers to continue using their Visa credit cards in our stores,” an Amazon spokesperson said.
The dispute followed the removal of an EU-enforced cap on charge fees, which allowed Visa to ramp up the fees it charged Amazon i the UK.
Visa said it welcomed the global agreement with the retailer.
“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,” a Visa spokesperson said.
Lawmakers said they were planning to scrutinise increases in the fees Visa and Mastercard are charging businesses as a UK financial watchdog found that there was no evidence to justify the rise.