Online retail giant Amazon is to stop accepting Visa credit cards issued in the U.K. from 19 January in an extraordinary face-off over transaction fees.
In announcing the move yesterday, Amazon said that the decision had been prompted by high credit card transaction fees but said that Visa debit cards would still be accepted. For its part, Visa responded by saying that it was “very disappointed that Amazon is threatening to restrict consumer choice in the future”.Visa’s share price slumped nearly 7% yesterday, though they have recovered a little of their lost ground in trading so far today.