Amazon UK will stop accepting Visa credit cards over concerns regarding the fees charged by the issuer. However, technology wouldn’t be technology if a workaround didn’t exist. More specifically, Curve, a fintech unit, has a solution to facilitate payments with Visa on the platform.
Amazon UK Hack By Curve
We mentioned that Amazon UK would make core changes to its supported payment methods not too long ago. More specifically, the use of Visa cards on the platform will end. This is because British customers can no longer use these cards starting later this week due to the high fees charged for processing transactions. That 1.5% fee directly results from the Brexit and would apply to online and over-the-phone purchases.
Higher fees are not beneficial to Visa, Amazon UK, or the customer. Unfortunately, the online retail giant will pay most of this cost, making it an unsustainable business model. Removing support for Visa payments is significant, as it is the largest payment card issuer worldwide today. However, Curve – the fintech outfit – has a plan to bypass this setback altogether.
Curve CEO Shachar Bialick explains:
“Curve is the only solution in the UK that can offset this decision by Amazon. Users will still be able to use their Visa credit via Curve to shop at Amazon while continuing to earn their bank’s rewards.”
Although details regarding the workaround remain unclear today, Curve is convinced their solution will work. The London-based firm is renowned for combining debit, credit, and loyalty cards into one through an easy-to-use smart card. How that will impact Amazon UK shoppers remains a mystery, although it is an intriguing turn of events.