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Due to the hefty transaction costs levied by the payment processor, Amazon.com Inc announced on Wednesday that it will discontinue taking Visa Inc (NYSE: V) credit cards issued in the United Kingdom from next year.
“As a result of Visa’s continued high cost of payments, we regret that Amazon (NASDAQ:AMZN).co.uk will no longer accept UK-issued Visa credit cards as of 19 January, 2022,” an Amazon spokesperson said in an emailed statement.
Customers can still use Visa debit cards, MasterCard (NYSE:MA) and Amex credit cards, as well as Eurocard, according to an email from Amazon. Transaction fees have long been a source of contention between merchants and payment processors.
In 2019, a Kroger (NYSE:KR) subsidiary stopped accepting Visa credit cards due to high costs. Visa did not immediately respond to a request for comment.
Story by : Norvisi Mawunyegah