Amazon has agreed on a deal with Visa that will see it continue to accept payments from Visa credit cards, marking the end of a dispute over rising payment fees.
In a statement, the tech giant said: “We’ve recently reached a global agreement with Visa that allows all customers to continue using their Visa credit cards in our stores.”
Amazon did not offer any further details on the deal.
The agreement will now see Amazon end its threat to block payments from UK-issued Visa credit cards on its UK site.
In November, it said it would stop accepting such payments from mid-January, blaming the “high fees Visa charges for processing credit card transactions”.
Last October, Visa increased interchange fees, which are paid by a merchant’s bank account whenever a customer uses a credit or debit card for a purchase.
Fees were raised from 0.3% to 1.5% for cross-border credit transactions between the UK and EU.
However, Amazon postponed the proposed ban last month, explaining that it was working closely with Visa to find a “potential solution”.
A further surcharge applied to Visa credit card payments on Amazon’s Australian and Singaporean sites will also be lifted from today.
A Visa spokesperson told the Financial Times that the global deal included “a joint commitment to collaboration on new product and technology initiatives to ensure innovative payment experiences for our customers in the future”.
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