The company was writing to notify me of some important news: it will soon stop accepting Visa credit cards for UK payments. Customers will still be able to use Visa’s debit cards, but the firm’s credit cards are getting dumped on January 19. I put on my tinfoil hat, rewatched JFK, and called up my pals in QAnon to find out what was up. Payment processing firms are deeply integrated into our financial system, but their position could become less secure. “Many merchants are looking for alternative ways to process customers’ payments, especially in light of the high fees charged by some providers, like Visa and Mastercard,” said James Hickman, the chief commercial officer at Ecospend, a UK fintech. “The decision is significant, however, in that it sets a precedent for many others to follow suit.”
2. This is all because of Brexit
Visa’s 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. In March, the Financial Times repoted that Visa planned to increase its interchange fees to 1.5%.
It’s because Visa is increasing transaction rates now the EU cap no longer applies (post Brexit). — Martin Lewis (@MartinSLewis) November 17, 2021
3. Bezos is in bed with Mastercard
Mastercard has also increased its UK-EU interchange fees, but nonetheless escaped the credit card ban. Perhaps Mohammed bin Salman isn’t the only person with Jeff Bezos’ dick pics.
4. It’s just a negotiation tactic
