Tuesday, September 27, 2022
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Visa Inc., Records Biggest Decline After Amazon Ban in UK

Visa Inc., has now posted the biggest decline of the company in more than a year and half, which has been responsible for bringing down the peers in the industry such as Mastercard Inc., after the Amazon said, it is going to stop accepting the purchases that have been made with the credit cards of the company that were issued in the United Kingdom as of 2022.

The shares of the company ‘Visa Inc.,’ has been decreased by 6.5 percent, responsible for erasing around 33 billion dollars in the value as the company ‘Amazon’ has removed company because of the high fees that was charged for processing the transactions. The losses has been accelerated after a report stating that, amazon has been also considering to change the company’s co-branded credit card to Mastercard.

This decrease has been added to what has been a very tough three and a half months for the company ‘Visa’, along with extension in the drop of the company starting for a record high of July 2021 to 20 percent, and among the several other car companies, Mastercard has lost 3.5 percent, Synchrony Financial has been decreased by 1.9 percent and American Express Co., has been decreased by 0.8 percent.

This forthcoming ban in the United Kingdom has been the newest in a series of changes, which the company ‘Amazon’ has been making regarding the credit cards of Visa across the world in 2021.