Visa say UK consumers ‘will not be impacted’ by Amazon spat

Visa has said it anticipates its card fee dispute with Amazon will be resolved, and that UK consumers will not be impacted, according to sources reported by Reuters.

Vasant Prabhu, chief financial officer at the card giant, told the news organisation: “We’ve resolved these things in the past and I believe we'll resolve them in the future."

He added: "It is our expectation that there will be a resolution so that UK consumers are not impacted."

The news comes after Amazon announced last week that next year it will no longer accept Visa credit cards as a form of payment on its e-commerce platform in the UK, citing Visa’s “high costs.”

The retail giant said it will stop accepting UK-issued Visa credit cards from 19 January 2022.

The news comes as some organisations are looking to challenge Visa and Mastercard’s dominance in the payments space.

The European Payments Initiative (EPI), a European Commission-backed initiative to create a pan-European payments network that can rival Visa and Mastercard, appealed for public funding last week.

Payments is a high margin industry; according to payments consultancy CMSPI, card payments providers enjoy profit margins of 30 to 50 per cent.

    Share Story:

Recent Stories

Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.