London: Due to high credit card transaction fees, tech giant Amazon will stop accepting Visa credit cards in the UK from 19th January. 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.Also Read - Instagram to Use Video Selfies For Identity Verification: Report
Amazon said that the cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers. 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”. Also Read - Amazon Launches Prime Video App For Mac Users | Check Details Here
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. Meanwhile, Visa said in a statement it was “very disappointed that Amazon is threatening to restrict consumer choice in the future. When consumer choice is limited, nobody wins”. Also Read - Instagram To Roll Out Subscription Feature. Know More About its Rates
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. Amazon declined to say how much Visa charges to process transactions the retailer made on credit cards.