Visa Looks To Resolve Differences With Amazon
- Visa Inc (NYSE: V) believes it can resolve its problems with Amazon.com Inc (NASDAQ: AMZN), Bloomberg reports.
- Amazon recently declared its intention to ban the usage of the Visa credit cards issued in the U.K. due to the rising cost of accepting credit card payments, joining the likes of Walmart Inc (NYSE: WMT) and The Kroger Co (NYSE: KR). Visa has long faced criticism from merchants over rising costs.
- "There was no need to punish U.K. consumers for something that had nothing to do with them," Visa CFO Vasant Prabhu said. "The unfortunate thing here is they've chosen to penalize a group of consumers that have really nothing to do, have no dog in this fight."
- Amazon is also considering migrating its popular co-brand credit card to Mastercard Inc (NYSE: MA) amid the simmering tensions with Visa.
- "We've sorted these out before, we will get back to the point where our relationship with Amazon goes back to where it used to be, including the co-brand," Prabhu said. "Of course, it takes two to tango."
- Related Content: Analysts Remain Divided Over Amazon's Crusade On Visa
- Price Action: V shares traded higher by 0.17% at $209.29 in the market session on the last check Thursday.
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