Don't say never when it comes to Amazon and money. The e-retailer changed its mind two days before it was going to ban Visa credit cards in its UK store. Visa credit cards are still accepted on the platform.
Sky News reported that on Monday, Amazon told customers in an email that they were working closely with Visa on a potential solution to their disagreement. Visa confirmed that it was in talks with Amazon and that customers could continue to use their credit cards in the meantime. Visa debit cards are not affected.
The Guardian said that the truce is good news for Amazon customers in the UK. According to reports in December, Amazon could have lost up to $1.9 in sales to UK customers. Customers would have been obligated to use other cards on Amazon, so Visa would have been battered by the move.
The dispute between Visa and Amazon started in November. In January, the e-commerce giant said it would ban Visa credit cards from its site. Visa said that Amazon was limiting consumer choice.
Sky News states that it is believed that Amazon is angry over the increase in interchange fees, which it claims have increased five-fold since the UK voted to leave the EU. These fees are paid by Amazon or its merchants and would decrease profit margins and lead to changes that could increase prices for consumers.