Visa Inc. Drags Card Industry Shares Lower

About $25 billion in value erased from Visa’s market cap. Other cards stocks including Mastercard and Amex have declined.

Not only did Visa Inc. severely drop on Wednesday, but also dragged down industry peers such as Mastercard Inc., after Amazon had announced it will stop accepting purchases made with the company’s credit cards issued in the U.K. as of 2022.

Shares in Visa dropped 5.3%, erasing about $25 billion in value, as Amazon kicked back against the high fees charged to process transactions.

The stock decline adds to what has been a painful 42 months for Visa, extending its drop from last July record high to nearly 19%.