Amazon vs. Visa and the coming fintech wars
Amazon.com is showing its passive-aggressive side. The e-commerce giant has started a kind of fight with payments firm Visa over the costs of using its credit cards, but it won't confront the group head on. It is inflicting little wounds quietly and then saying as little as possible about why. It recently told Visa credit card users in Australia and Singapore that they face a 0.5% fee for using them on its websites there.
Amazon's latest poke? It won't accept Visa-branded credit cards from customers in the U.K starting next year. This doesn't apply to Visa-branded debit cards (where you pay straight from your bank account) or anything from MasterCard Inc.
What users in the U.K., Australia and Singapore seem to have in common is that they are relatively insignificant to either company's business. Amazon is small in Singapore, generally behind two other more popular e-commerce platforms, while Australia is one of the fastest-growing markets in the world for alternative forms of payments...