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Home Business and Economics

Martin Lewis explains why Brexit is to blame for Amazon’s controversial Visa credit card move

"Why can only the EU protect its citizens?", one person tweeted in response.

Jack Peat by Jack Peat
2021-11-18 12:28
in Business and Economics
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Money expert Martin Lewis has laid out how Brexit has led to Amazon no longer accepting Visa Credit cards on its site from January.

Yesterday it was announced that the ecommerce giant will stop accepting payments made using the card due to “the high fees Visa charges for processing credit card transactions”.

Customers will still be able to use debit cards, including Visa, and non-Visa credit cards, it said.

Cost

An Amazon spokesman said: “The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers.

“These costs should be going down over time with technological advancements, but instead they continue to stay high or even rise.

“As a result of Visa’s continued high cost of payments, we regret that Amazon.co.uk will no longer accept UK-issued Visa credit cards as of January 19 2022.

“With the rapidly changing payments landscape around the world, we will continue innovating on behalf of customers to add and promote faster, cheaper, and more inclusive payment options to our stores across the globe.”

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Brexit

Tweeting about the announcement, Martin Lewis said the decision was made by Amazon because Visa is increasing transaction rates now the EU cap no longer applies in the UK post-Brexit.

Visa last month began charging 1.5 per cent of the transaction value for credit card payments made online or over the phone between the UK and EU, and 1.15 per cent for debit card transactions, up from 0.3 per cent and 0.2 per cent respectively.

A report from the British Retail Consortium and retail payments advisory firm CMS Payments Intelligence has found that new rules after Brexit have increased credit and debit card costs by £150 million a year.

Other than wanting us to be fleeced by capital, what reason does the UK govt give for not carrying over that law to the UK to protect UK consumers?

Why can only the EU protect its citizens?

— Klaus (@Klaus_Von_Trapp) November 17, 2021

Reaction

Lewis wasn’t the only person to notice the role Brexit has had to play in the whole debacle.

Here’s a pick of the reaction elsewhere.

Would that be an other Brexit dividend then ? Just adding to the list

— germangirl (@AlenaGermangirl) November 17, 2021

And just in case you are thinking the story about higher credit card charges for retailers won’t affect you…

Amazon is about to stop taking UK-issued VISA as payment. Hands up anyone who voted for this Brexit. 🙌 ~AA https://t.co/7zozudW8iI

— Best for Britain (@BestForBritain) November 17, 2021

Apparently removing an EU cap on credit card fees is another "Brexit benefit".

JUCHE BRITANNIA!!

SUNLIt uPLaNDs!!!

(Background: sound of a million credit card terminals beeping "card declined" in unison; chorus of Visa execs gargling champagne and snorting coke) https://t.co/D0C9sQDIhZ

— Charlie Stross (@cstross) November 17, 2021

Another Brexit benefit. The wins just keep coming. If brexit were a brand, I have the advertising slogan.
Brexit: Reducing consumer choice since 2016 https://t.co/FHvCJ3i7jE

— Dontbuythesun 🇪🇺🇬🇧🏳️‍🌈 🔰💫 (@OrTheDailyMail) November 17, 2021

Hey, another #brexit shaft. Amazon just announced from 19th Jan 2022 they won't accept Visa Credit card payments because we're not in the EU. How many more will follow suit? Remember the lies about a stronger economy? Our money will spend anywhere? We won't even get credit now.

— Andrew Oldham (@bongosherbert) November 17, 2021

Related: ‘Utterly draconian’ bill could allow Priti Patel to remove citizenship without notice

Tags: AmazonBrexit

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