{"id":9027,"date":"2021-11-18T16:29:11","date_gmt":"2021-11-18T16:29:11","guid":{"rendered":"http:\/\/TheNextWeb=1373589"},"modified":"2021-11-18T16:29:11","modified_gmt":"2021-11-18T16:29:11","slug":"4-compelling-conspiracy-theories-about-amazons-beef-with-visa","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=9027","title":{"rendered":"4 compelling conspiracy theories about Amazon\u2019s beef with Visa"},"content":{"rendered":"\n<p>On a crisp autumn morning in London town, I awoke to an email from someone whom I hate but just can\u2019t quit: Amazon.<\/p>\n<p>The company was writing to notify me of some important news: it will soon stop accepting <span>Visa credit cards for UK payments.<\/span><\/p>\n<p>Customers will still be able to use Visa\u2019s debit cards, but the firm\u2019s credit cards are getting dumped on January 19.<\/p>\n<figure class=\"post-image post-mediaBleed aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1373548 js-lazy\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23.png\" alt=\"Here's why Amazon's banning UK-issued Visa credit cards\" width=\"683\" height=\"505\" sizes=\"(max-width: 683px) 100vw, 683px\" data-srcset=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23.png 1072w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23-280x207.png 280w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23-183x135.png 183w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23-365x270.png 365w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23-796x588.png 796w\"><figcaption><a href=\"https:\/\/thenextweb.com\/news\/why-is-amazon-banning-visa-credit-cards-in-uk#\" data-url=\"https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Feditorial.thenextweb.com%2Fhardfork%2F2021%2F11%2F18%2Fwhy-is-amazon-banning-visa-credit-cards-in-uk%2F&amp;via=thenextweb&amp;related=thenextweb&amp;text=Check out this picture on: The coverup story notification email from Amazon.\" data-title=\"Share The coverup story notification email from Amazon. on Twitter\" data-width=\"685\" data-height=\"500\" class=\"post-image-share popitup\" title=\"Share The coverup story notification email from Amazon. on Twitter\"><i class=\"icon icon--inline icon--twitter--dark\"><\/i><\/a>The <del>coverup story<\/del> notification email from Amazon.<\/figcaption><noscript><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1373548\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23.png\" alt=\"Here's why Amazon's banning UK-issued Visa credit cards\" width=\"683\" height=\"505\" srcset=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23.png 1072w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23-280x207.png 280w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23-183x135.png 183w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23-365x270.png 365w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Screenshot-2021-11-17-at-17.01.23-796x588.png 796w\"><\/noscript><\/figure>\n<p>Amazon blamed the move on Visa\u2019s high processing fees, but conspiracy theorists suspect something bigger is afoot.<\/p>\n<p>Were Jeff Bezos and <a href=\"https:\/\/www.theguardian.com\/commentisfree\/2021\/jul\/12\/what-happens-at-sun-valley-the-secret-gathering-of-unelected-billionaire-kings\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">his Sun Valley buddies<\/a> plotting a financial revolution? Did Amazon need to save some dough to <a href=\"https:\/\/thenextweb.com\/news\/jeff-bezos-blue-origin-unveils-plans-to-occupy-space\">colonize the cosmos<\/a>?<\/p>\n<p>I put on my tinfoil hat, rewatched JFK, and called up my pals in QAnon to find out what was up.<\/p>\n<h2>1. Amazon plans to crush payment providers<\/h2>\n<p>Payment processing firms are deeply integrated into our financial system, but their position could become less secure.<\/p>\n<p>\u201cMany merchants are looking for alternative ways to process customers\u2019 payments, especially in light of the high fees charged by some providers, like Visa and Mastercard,\u201d said James Hickman, the chief commercial officer at Ecospend, a UK fintech. \u201cThe decision is significant, however, in that it sets a precedent for many others to follow suit.\u201d<\/p>\n<p>Developments in Open Banking could allow Amazon to bypass card firms and take payments directly from customers. That could save Bezos some cash to splash on <a href=\"https:\/\/thenextweb.com\/news\/space-tourists-not-astronauts-faa-bezos-blue-origin-branson-virgin-atlantic\">ego trips to space<\/a>.<\/p>\n<figure>\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/awLAVz_VQ5I\" height=\"240\" width=\"320\" allowfullscreen frameborder=\"0\">[embedded content]<\/iframe><\/p>\n<\/figure>\n<p><!--resp-video-container--><\/p>\n<section id=\"related\" class=\"widget\"><\/section>\n<h2>2. This is all because of Brexit<\/h2>\n<p>Visa\u2019s charges have risen since the UK left the European Union. The EU had capped cross-border interchange fees at 0.3% for credit cards, but those rules have disappeared since Brexit.<\/p>\n<p>In March, <a href=\"https:\/\/www.ft.com\/content\/4820b619-4d35-4c6a-8523-fc685c047374\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">the Financial Times repoted<\/a> that Visa planned to increase its interchange fees to 1.5%.<\/p>\n<p>Martin Lewis, a financial journalist and founder of <a href=\"https:\/\/moneysavingexpert.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><span>MoneySavingExpert.com<\/span><\/a><span>, said Visa\u2019s price-hike triggered Amazon\u2019s ban.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"13.267692307692\">\n<p lang=\"en\" dir=\"ltr\">Amazon to stop allowing people to use Visa credit cards from Jan (Visa debit, mastecard &amp; amex still fine)<\/p>\n<p>It&#8217;s because Visa is increasing transaction rates now the EU cap no longer applies (post Brexit). <\/p>\n<p>It&#8217;s a possible negotiating tactic for Amazon to gets its fees reduced.<\/p>\n<p>\u2014 Martin Lewis (@MartinSLewis) <a href=\"https:\/\/twitter.com\/MartinSLewis\/status\/1460906792603602949?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">November 17, 2021<\/a><\/p>\n<\/blockquote>\n<p>Amazon has <a href=\"https:\/\/www.ft.com\/content\/510ddfaa-ee32-48fe-b929-fee6d5aa5b49\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">denied that Brexit<\/a> was the specific cause of the dispute. Indeed, the company has also introduced new charges for Visa credit cards in Australia and Singapore. However, the increased costs in the UK could have deepened the feud.<\/p>\n<h2>3. Bezos is in bed with Mastercard<\/h2>\n<p>Mastercard<span>&nbsp;<\/span>has also increased its UK-EU interchange fees, but nonetheless escaped the credit card ban.<\/p>\n<p>While Amazon currently uses MasterCard for its own credit card in the UK, the company says this relationship has nothing to do with the Visa feud.<\/p>\n<p>In the wake of the announcement, however, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-17\/amazon-brings-visa-feud-to-u-s-with-mastercard-defection-threat\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">reports emerged<\/a> that Amazon could shift its co-brand credit card from Visa to Mastercard. Online searches for Mastercard, meanwhile, <a href=\"https:\/\/www.dailyrecord.co.uk\/lifestyle\/searches-mastercard-explode-after-rival-25482920\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">increased by 1,300%<\/a>.<\/p>\n<p>Perhaps Mohammed bin Salman isn\u2019t the only person with <a href=\"https:\/\/www.theguardian.com\/commentisfree\/2020\/jan\/24\/jeff-bezos-mohammed-bin-salman-whatsapp-hack-phone\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Jeff Bezos\u2019 dick pics<\/a>.<\/p>\n<h2>4. It\u2019s just a negotiation tactic<\/h2>\n<p>Amazon\u2019s move could be an attempt to negotiate newer fees.<\/p>\n<p>The move has already <a href=\"https:\/\/www.cnbc.com\/2021\/11\/16\/stock-market-futures-open-to-close-news.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">taken a chunk out of Visa\u2019s stock price<\/a>. The payments firm may want to negotiate before Amazon\u2019s enormous market share causes further damage. The e-commerce giant\u2019s January 22 deadline gives them some time to make a deal.<\/p>\n<p>The outcome could be lower fees or more users for Amazon\u2019s own payment system. Visa and its customers may suffer, but Bezos\u2019 world domination plans could go from strength to strength. Congratulations, Jeff.<\/p>\n<p> <a href=\"https:\/\/thenextweb.com\/news\/why-is-amazon-banning-visa-credit-cards-in-uk\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On a crisp autumn morning in London town, I awoke to an email from someone whom I hate but just can\u2019t quit: Amazon. The company was writing to notify me of some&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9028,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/9027"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9027"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/9027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/9028"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}