There is speculation, however, that a last-minute agreement could be reached between the two sides. On Friday, Amazon and Visa declined to provide an update on negotiations.
Amazon blamed its decision on “the high fees Visa charges for processing credit card transactions”.
The move potentially inconveniences millions of people who use a Visa credit card issued by providers including Barclaycard to buy items on the website or pay for their Amazon Prime membership.
The retailer said it would continue to accept all debit cards (including Visa debit cards) and non-Visa credit cards, including Mastercard-branded ones and American Express.
Affected customers who currently use a Visa credit card have been told they need to update their payment method, otherwise any new orders they place on the site will be rejected from 19 January onwards. They will also lose access to Amazon Prime benefits including faster delivery of items, thousands of TV shows and films on Prime Video, and the Amazon Music Prime streaming service.
Nevertheless, one credit card industry insider told the Guardian: “We are hopeful there will be an agreement.”
In emails to customers, Amazon has acknowledged that removing the ability to pay for products with a Visa credit card and making people update their details may be inconvenient and “a bit of a bother”.