Visa, Amazon announce worldwide payment agreement

NEW YORK (AP) — Visa Inc. and Amazon.com Inc. have agreed to allow customers to use Visa cards on Amazon sites worldwide without additional fees. Visa said the companies also agreed to collaborate on product and technology initiatives for “innovative payment experiences.” Under the agreement, Amazon’s amazon.co.uk site in Britain will no longer turn off Visa credit cards. Customers in Australia and Singapore will no longer pay a surcharge for using Visa. Any credit card transaction involves various fees, such as an “interchange fee” that the shopper’s bank pays to the retailer’s bank and other costs like service and technology charges.