E-commerce giant Amazon plans to stop accepting Visa’s credit cards in the UK starting January next year due to high fees.
Visa falls on the news. V: NYSE is down -3.34% on premarket, AMZN: NASDAQ is up +0.54% on premarket.
Amazon has said that its customers will continue using Visa debit cards, Mastercard, Amex credit cards, and Eurocard.
The latest announcement is a blow to Visa, which has continued to face criticisms by merchants due to its transaction costs. Kroger Unit stopped allowing Visa’s credit cards in 2019.