Amazon backtracks on Visa credit card ban – everything you need to know about huge row | Personal Finance | Finance

The US-based tech giant said back in November it was going to block all payments using this particular method, but it has made a significant U-Turn. If this ban had gone ahead, all customers who were using Visa credit cards would have had to have found an alternative means of payment. Today, the online shopping platform confirmed it would not ban accepting UK-issued Visa credit cards on its website later this month as it had early said.

In email to customers, Amazon stated: “The expected change regarding the use of Visa 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.”

The ecommerce giant added: “Should we make any changes related to Visa credit cards, we’ll give you advanced notice.

“Until then, you can continue to use Visa credit cards, debit cards, Mastercard, American Express and Eurocard as you do today.”

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In March 2020, it was unveiled that Visa was set to introduce a rise in transaction fees for UK customers ordering from the European Economic Area.

At the time, many cited Visa’s decision as a potential consequence of Brexit with the increase in further trade and financial restrictions.

From October 2021, Visa raised interchange fees by 0.20 percent which resulted in the fees of 0.20 percent for debit cards and 0.30 percent for credit cards going up by 1.15 percent and 1.50 percent, respectively.

Currently, the interchange rates for Visa business cards stand at 1.60 percent and corporate cards have been changed to 1.80 percent.

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