Amazon blamed the move on Visas high processing fees, but conspiracy theorists suspect something bigger is afoot.
Were Jeff Bezos andhis Sun Valley buddiesplotting a financial revolution?
Did Amazon need to save some dough tocolonize the cosmos?
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The decision is significant, however, in that it sets a precedent for many others to follow suit.
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 onego trips to space.
This is all because of Brexit
Visas charges have risen since the UK left the European Union.
In March,the Financial Times repotedthat Visa planned to increase its interchange fees to 1.5%.
Martin Lewis, a financial journalist and founder ofMoneySavingExpert.com, said Visas price-hike triggered Amazons ban.
It’s a possible negotiating tactic for Amazon to gets its fees reduced.
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.
Online searches for Mastercard, meanwhile,increased by 1,300%.
Perhaps Mohammed bin Salman isnt the only person withJeff Bezos dick pics.
Its just a negotiation tactic
Amazons move could be an attempt to negotiate newer fees.
The move has alreadytaken a chunk out of Visas stock price.
The payments firm may want to negotiate before Amazons enormous market share causes further damage.
The e-commerce giants January 22 deadline gives them some time to make a deal.
The outcome could be lower fees or more users for Amazons own payment system.
Visa and its customers may suffer, but Bezos world domination plans could go from strength to strength.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
