Amazon and Visa have come to a mutual agreement regarding ard fees. The eCommerce giant intended to stop accepting Visa payments across all of its platforms, a welcome development. The company will not carry out that threat, and users will not be affected.
Amazon And Visa Make Up
The spat between Amazon and Visa goes back to last month. Rising payment fees forced the eCommerce platform to stop accepting Visa card payments in the United Kingdom. The Brexit deal has not been favorable in this scenario, yet the card issuer had no plan on giving in.
Thankfully, common sense prevailed, and the threat remained idle. A new agreement between both sides sees Amazon dropping the 0.5% surcharge on Visa credit card transactions in Singapore and Australia. Moreover, it seems evident Visa offers new and more favorable terms to the eCommerce provider, although no details have been made public.
Amazon issued a statement on the matter, explaining:
“We’ve recently reached a global agreement with Visa that allows all customers to continue using their Visa credit cards in our stores. Amazon remains committed to offering customers a payment experience that is convenient and offers choice.”
It would appear both companies will collaborate on new product and technology initiatives. Amazon and Visa want to introduce more innovative payment experiences in the future. Collaboration is often beneficial in this competitive industry. Moreover, Amazon sets a precedent for other companies that aren’t happy with Visa’s current payment fees.