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
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