x

Economy

Visa, Amazon Announce Worldwide Payment Agreement

February 17, 2022

NEW YORK — Visa Inc. and Amazon.com Inc. announced an agreement Thursday that allows customers to use Visa cards on Amazon sites worldwide without additional fees.

The companies also agreed to collaborate on product and technology initiatives for “innovative payment experiences,” Visa said in an email.

Credit card fees have been a growing source of tension between Amazon and Visa. Last year, Amazon started charging customers in Australia and Singapore who use Visa credit cards a 0.5% surcharge.

Under the agreement, Amazon’s amazon.co.uk site in Britain will no longer turn off Visa credit cards. Customers in Australia and Singapore will no longer pay the surcharge for using Visa.

Last month, Amazon’s British website backed away from plans to stop accepting Visa credit cards issued in the United Kingdom, saying the two sides were talking.

Amazon had announced the move in November, blaming “the high fees Visa charges for processing credit card transactions.”

Any credit card transaction involves various fees, such as an “interchange fee” that the shopper’s bank pays to the retailer’s bank and other costs like service and technology charges. It wasn’t clear which fee was the focus of the U.K. dispute.

 

RELATED

NEW YORK — Stocks rallied in afternoon trading on Wall Street Monday following seven weeks of declines that nearly ended the bull market that began in March 2020.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Mitsotakis Addresses Boston College Graduation Ceremony

BOSTON - Greek Prime Minister Kyriakos Mitsotakis spoke at the 146th graduation ceremony of Boston College, held on Monday.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.