Why Visa Stock Dropped Today
Shares of Visa (NYSE: V) fell on Tuesday after Amazon.com (NASDAQ: AMZN) told its customers they would no longer be able to pay with credit cards issued by the payment processing titan in the U.K. beginning next year.
As of 3:30 p.m. ET, Visa's stock price was down more than 5%.
Amazon claims that Visa's recently increased transaction processing fees are leading to higher prices for online shoppers, at a time when inflation already poses a serious threat to the economy. "The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers," an Amazon spokesperson told Bloomberg.
Source Fool.com
