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Visa Inc Class A V

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Amazon Backs Off Its Visa Ban in the U.K.

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

Amazon announced that it will continue to accept Visa credit cards in the U.K., reversing on its previous threat to stop accepting Visa just prior to the deadline. This change of heart comes as the two companies are working to resolve the dispute over fees. Merchants and the networks have argued for many years over interchange fees, and it is typically large merchants that lead the charge. Threatening to refuse to accept specific cards is a relatively extreme step but not unprecedented. We had expected Amazon and Visa to ultimately work out a solution, but whether this would be done prior to the deadline was unclear. As such, we are pleased by this development. However, we don’t believe the loss of volume would have been material relative to Visa’s overall business and believe this situation would have been significant only if it prompted other retailers to follow suit. We will maintain our $221 fair value estimate and wide moat rating for Visa.

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Company Profile

Business Description

Visa is the largest payment processor in the world. In fiscal 2021, it processed over $10 trillion in purchase transactions. Visa operates in over 200 countries and processes transactions in over 160 currencies. Its systems are capable of processing over 65,000 transactions per second.

P.O. Box 8999
San Francisco, CA, 94128-8999
T +1 650 432-3200
Sector Financial Services
Industry Credit Services
Most Recent Earnings Sep 30, 2021
Fiscal Year End Sep 30, 2022
Stock Type Cyclical
Employees 21,500