Amazon is challenging the lucrative payments duopoly created by Visa and Mastercard. By ditching Visa credit cards in the UK, the everything store is putting the pair on notice that the balance of power is shifting.
Retailers have tried before. Walmart in Canada did so briefly. Costco, which wrings out lower merchant fees in return for exclusivity, has a longer record. But neither has the global reach and market power of Amazon.
True, this can be dismissed as a small spat specific to a small island in the wake of Brexit. Amazon is riled by Visa increasing fees from 0.3 to 1.5 per cent on UK credit card purchases in the EU. Visa credit cards are used on less than a tenth of the UK spend on Amazon.
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