Visa reaches agreement with Amazon over payment fees

Visa Inc cards will be accepted at all Amazon.com Inc stores and sites as part of a global agreement, the payments giant said late on Wednesday (Feb 17).

Amazon said last November that it would stop accepting Visa credit cards issued in the UK because of the high transaction fees charged by the payment processor.

Earlier this year, the e-commerce giant eventually said it would not stop accepting UK-issued Visa credit cards on its British website, adding that it was working with Visa to resolve a dispute over payment fees.

An EU-enforced cap on fees charged by card issuers is no longer in place in the UK following Brexit.

"Visa is pleased to have reached a broad, global agreement with Amazon. This agreement includes the acceptance of Visa at all Amazon stores and sites today, as well as a joint commitment to collaboration on new product and technology initiatives to ensure innovative payment experiences for our customers in the future," a Visa spokesperson said in an email to Reuters.

Amazon did not immediately respond to a request for comment.