![]() Mastercard said that the current cap on charges no longer applies now that Britain has left the European Union, saying that payments between the UK and the European Economic Area are now classed as "inter-regional". Mastercard made a similar move earlier this year, saying that EU-based businesses could be asked to pay up to five times more fees when UK customers place an order from abroad. ![]() Interchange payments are levied on behalf of banks each time a payment is made, with the money then passed on to the card-issuing bank. Want our best stories with fewer ads and alerts when the biggest news stories drop? Download our app on iPhone or Android The move will have a particular impact on online transactions with EU-based companies in sectors such as online retail, travel, and hospitality. The rate also rose for debit card transactions - from 0.2 per cent to 1.15 per cent. Under those plans, the rate is set to increase fivefold, up to 1.5 per cent for online credit card payments. The company is the biggest issuer of debit cards in the UK, and it informed its 4,000 clients of the plans to raise interchange fees in March. Visa is raised its fees for credit cards (Image: Martin Keene/PA Wire)Įarlier this year, payments provider Visa announced plans to raise interchange charges on items ordered in the UK from Europe. “We have a long-standing relationship with Amazon and we continue to work toward a resolution, so our cardholders can use their preferred Visa credit cards at Amazon UK without Amazon-imposed restrictions come January 2022.” “When consumer choice is limited, nobody wins. ![]() ![]() “We are very disappointed that Amazon is threatening to restrict consumer choice in the future. READ MORE: BBC Strictly Come Dancing stars spark romance rumours on It Takes Two after being spotted holding handsĪmazon customers will still be able to use Visa debit cards, along with MasterCard and Amex credit cards, as well as Visa credit cards issued outside of the UK, according to details shared with customers.Ī Visa spokesperson said: “UK shoppers can use their Visa debit and credit cards at Amazon UK today and throughout the holiday season. The retail giant said that the change is due to the high fees charged by Visa to process the transactions. Amazon will stop accepting Visa credit cards that were issued in the UK from next year.Ĭustomers of the online giant received a notification this week saying that: "Starting 19 January 2022, we will no longer accept Visa credit cards issued in the UK.” ![]()
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