Payments Stocks Drop After Amazon Said to Push Its Pay System

(Bloomberg) -- Payments stocks including PayPal, Visa, Mastercard and Square quickly dropped after Bloomberg reported that Amazon is offering to pass along the discounts it gets on credit-card fees to other retailers if they use its online payments service, according to people with knowledge of the matter.

  • PayPal is down as much as 4.8 percent to lowest since December 6; Visa down 1.2 percent; Mastercard, Square and Alibaba pared gains
  • NOTE: April 26, Amazon Checking-Account Threat Puts Regional Banks on Defensive

©2018 Bloomberg L.P.