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Amazon may no longer accept Visa cards in the United States

Amazon is considering no longer using Visa as a partner for its credit card.

The corporation said they were no longer using it in the United Kingdom following an increase in disputes over payments.

Amazon has been working with Mastercard, Visa, and American Express to review its co-branded credit card agreement.

Visa shares dropped by 4.6% when Amazon declared it would no longer take payments from Visa credit cards.

A statement released by Amazon said that with technological advancements charges should be going down, but they are staying the same and even rising.

Customers using Visa in Singapore and Australia saw surcharges added to their purchases.

Amazon now holds a lot of power as they urge customers to use their own payment system, or push Visa to lower their fees.

Visa has historically lowered their fees after big retailers threaten to stop using their cards.

In 2016 this happened with Canadian Walmart, after they could not reach an agreement and 20 stores quit taking Visa. About 7 months later the credit card company and Walmart were able to reach a settlement.

Categories: BusinessNews