Visa is to raise interchange fees on cross-border transactions between the UK and EU.
The move comes as Visa faces an investigation by the US Justice Department over possible anticompetitive practices in debit card transaction routing.
Prior to Brexit, UK merchants and card holders benefited from a
0.3% cap on credit card interchange fees imposed by the European
As from October Visa will increase the fees for online and over-the-phone purchases to 1.5%. The fee for debit card payments is also set to rise from 0.2% to 1.15%.
In response, Amazon has called Visa's bluff and has written to its customers telling them it will no longer accept Visa credit card payments (Visa debit cards will still be allowed) as from 19 January 2022. This gives Visa the opportunity to reflect on its decision.
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