Salem Radio Network News Sunday, November 28, 2021

Business

Exclusive-Visa’s CFO confident of resolving fee row with Amazon

By Matt Scuffham

NEW YORK (Reuters) – Visa expects to resolve its credit card fee dispute with Amazon.com Inc in Britain and hopes to continue its co-branded credit card partnership with the e-commerce giant in the United States, its Chief Financial Officer told Reuters.

Amazon said on Wednesday that it would stop taking payments from Visa credit cards in Britain from mid-January next year.

“We’ve resolved these things in the past and I believe we’ll resolve them in the future,” Vasant Prabhu said in an interview on Friday, adding: “It is our expectation that there will be a resolution so that UK consumers are not impacted.”

Amazon said in its statement that credit car charges should be “going down over time with technological advancements, but instead they continue to stay high or even rise.”

Amazon also said it is considering dropping Visa as partner on its U.S. co-branded credit card and is in discussions about this with both with Mastercard and Visa.

Visa said it remains in discussions about continuing its partnership with Amazon and is hopeful that it will continue.

“We hope to get to the point where our relationship with Amazon goes back to being what it was,” Prabhu said.

(Reporting by Matt Scuffham; Editing by Chris Reese and Alexander Smith)

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