Amazon has reached a global agreement with Visa to settle a dispute over credit card fees.
Backstory🔙 In November 2021, Amazon cited high fees charged by Visa and planned to stop accepting payments made via Visa credit cards issued in the U.K.
More Details🧐 The deal will enable Amazon customers in the U.K. to continue using Visa credit cards. Amazon will also drop a 0.5% additional charge on Visa credit card transactions in Singapore & Australia, which it introduced last year.
Why is this Important🤔 Amazon has been piling pressure on Visa to lower its fees, in moves that signaled growing frustration from retailers over the costs associated with major card networks.