London, November 17, 2017 : .Amazon has announced that it will no longer accept Visa credit cards from the UK as a result of high transaction fees. According to the BBC, it said the move was due to high credit card transaction fees but said Visa debit cards would still be accepted.BBC reports that the decision was made due to high transaction fees for credit cards, but it stated that Visa debit cards will still be accepted.
Amazon said that the cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers.Amazon stated that merchants still face challenges in accepting credit card payments.
The online retailer said costs should be going down over time due to advances in technology, “but instead they continue to stay high or even rise”.According to the online retailer, costs must fall over time because of technological advances but they “continue to rise or stay high”.
An Amazon spokesperson said the dispute was to do with “pretty egregious” price rises from Visa over a number of years with no additional value to its service.Amazon spokesmen said that the disagreement was due to Visa’s “pretty outrageous” price increases over many years, with no added value for its service.
Meanwhile, Visa said in a statement it was “very disappointed that Amazon is threatening to restrict consumer choice in the future.Visa stated that it is “very disappointed” at Amazon’s threats to limit consumer choices in the future.When consumer choice is limited, nobody wins”.If consumers have limited choices, no one wins.
It said it had “a long-standing relationship with Amazon” and that it was trying to resolve the situation so customers would be able to use Visa credit cards with Amazon UK.The company stated that they had a “long-standing relationship” with Amazon and was working to solve the problem so that customers could use Visa credit cards in Amazon UK.
Amazon declined to say how much Visa charges to process transactions the retailer made on credit cards.Amazon refused to disclose the amount Visa charged to Amazon for processing transactions on its credit cards.
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