Visa says fees are not too high after Amazon announcement

The CEO of Visa has responded to Amazon’s decision to ban its credit cards in the UK, calling the decision “odd”.

However, Al Kelly is hopeful that the issue will be sorted as the two companies come together to negotiate.

“Clearly, we’re in a challenging negotiation,” Al Kelly told the Financial Times.

“What’s different here is that Amazon unfortunately decided to take the negotiation challenges that we’re having public and oddly has chosen to threaten to punish consumers.”

Just last Wednesday Amazon told its customers that it will no longer accept Visa credit cards issued in the UK as of early 2022.

Amazon reasoned that the decision was due to high fees, however, according to payments company Bambora, Visa and Mastercard’s fees are close to being the exact same.

“I find it quite odd that they’re claiming they did this because of the high cost of acceptance of these in the UK,” Kelly said. “It’s just absolutely inaccurate.”

Could the lightning network be an eventual solution to Amazon’s apparent concerns with high fees?

comments powered by HyperComments

Hot Tweets 🔥