Amazon Reaches Global Agreement to Accept Visa Cards – Report

According to a report published by Reuters, e-commerce giant Amazon.com, Inc. (NASDAQ: AMZN) and payment processing services provider Visa, Inc. (NYSE: V) have reached an agreement under which the former will accept the latter’s cards at all its stores and sites across the world.

In November, Amazon had said that it would stop accepting U.K.-issued Visa credit cards as the company charged very high transaction fees.

A Visa spokesperson said, “Visa is pleased to have reached a broad, global agreement with Amazon. This agreement includes the acceptance of Visa at all Amazon stores and sites today, as well as a joint commitment to collaboration on new product and technology initiatives to ensure innovative payment experiences for our customers in the future.”

About Amazon

California-based Amazon offers e-commerce, cloud computing, digital streaming, and artificial intelligence services.

Its shares closed 1% up on Wednesday and gained another 0.3% in the after-hours trading session to end the day at $3,172.85.

Analysts’ Opinions

Last week, Bank of America Securities analyst Justin Post reiterated a Buy rating on the stock with a price target of $4,450 (40.7% upside potential).

Additionally, Jason Bazinet of Citigroup (NYSE: C) maintained a Buy rating on Amazon and raised the price target to $4,115 from $4,100 (30.1% upside potential).

Bazinet believes that there is “ample room for growth” in the company’s B2B services.

Overall, the stock has a Strong Buy consensus rating based on 32 unanimous Buys. The average Amazon.com price target of $4,192.97 implies 32.6% upside potential. Shares have lost nearly 11% over the past six months.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Amazon’s performance.

According to the tool, compared to the previous year, Amazon’s website traffic has registered a 21.6% decline in global visits year-to-date.

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