Amazon.com Inc (NASDAQ:AMZN) has agreed to accept Visa Inc's (NYSE:V) cards across its global network, Bloomberg reports.
- Last November, Amazon decided to stop accepting Visa credit cards issued in the U.K. due to the payments processor's high transaction fees charged by the payment processor, Reuters reports.
- Amazon had considered shifting its popular co-brand credit card to Mastercard Inc (NYSE:MA).
- Related Content: Analysts Remain Divided Over Amazon's Crusade On Visa
- Amazon will no longer charge customers who use Visa cards on its site in Singapore and Australia an extra fee and will not turn off Visa credit cards from amazon.co.uk.
- Last month, British lawmakers said they planned to scrutinize increases in the fees Visa and Mastercard charge businesses after lack of evidence to justify the rises.
- Retailers have long balked at the fees they pay each time a consumer swipes a card at checkout.
- Merchants spent a whopping $110 billion in card-processing fees in 2020 alone.
- Price Action: V shares traded higher by 0.08% at $229 in the premarket on the last check Thursday.
