Your article “Amazon / Visa: Clash of the Titans” (Lex, November 19) sheds light on a fundamental problem that affects the cost base of all retailers, regardless of shape or size. Even if Visa concedes and extends an olive branch of lower fees to Amazon, it will go just as far as to snatch out the knot it has hooked itself.
The hard truth is that cards have reached their expiration date in a world of instant payments and limitless trading. For years, they have been put back into online payment points, creating an invisible web of hidden costs and unmanageable payment structures.
With the technologies available today, brands and retailers should no longer be held hostage to card networks. New and proven solutions made possible by open banking services can move money at a fraction of the cost, safer by using biometrics and more convenient.
Failure to treat payments as an afterthought can be a watershed moment to end obsolete and monopolistic infrastructure and deliver significant savings that all modern retailers desperately need.
Head of Ecommerce, TrueLayer
London EC1, UK