PYPL - Amazon to impose surcharge on Visa card transactions in Singapore
Visa (NYSE:V) stock slips 1.1% in the session after Amazon (AMZN -0.0%) said it will impose a surcharge for transactions in Singapore that use a Visa card. The ecommerce giant will add a 0.5% surcharge as of Sept. 15, PYMTS.com reports, citing an emailed statement from Amazon. "The cost of accepting card payments continues to be an obstacle to providing the best prices for customers," Amazon said in the statement. The move may have wider implications than just transactions in Singapore. "While the financial impact of this specific action (to Visa) is negligible, this action and Amazon's comments regarding the cost of global card acceptance will reignite concerns on merchant surcharging/potential steering away from cards," Bernstein analyst Harshita Rawat said in a note to clients. Visa (V) rival Mastercard (NYSE:MA) dips 0.8%. The credit card-focused names are down modestly in trading today — American Express (AXP -1.2%), Synchrony Financial (SYF -0.5%), Capital One
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Amazon to impose surcharge on Visa card transactions in Singapore