Amazon set to take on PayPal with new payments strategy

  • The e-retail giant plans to become the middleman between customers and companies that offer subscription-based payments, according to Reuters.

    The e-retail giant is expected to announce a new service on Monday that will see it become the middleman between paying bills and processing transactions for both small and large companies, according to Reuters. Speaking to the news outlet in an interview, Amazon vice president of seller services Tom Taylor said the effort is part of his company's plans to "expand where people might think about Amazon helping them."

    Continues from source:…th-new-payments-strategy/

    (Reuters) - Inc will start managing subscription payments for start-ups and other companies - the latest in a series of quiet moves the e-commerce giant has made into PayPal's turf over the past year.

    The service, which launches on Monday, allows the company's more than 240 million active users to use credit card details stored on to pay for services such as a monthly phone bill or a digital music subscription. Amazon then charges a fee on each transaction.

    EBay Inc's PayPal has long dominated online payments services but Amazon sees plenty of scope to push into new areas.

    The new service broadens Amazon's profitable role as a middleman for third-party sellers, which account for 40 percent of its sales and extends its influence beyond its website.

    Continues from Source:…ent-idUSKBN0EK0HW20140609

    My thoughts... Good. :thumbup:

Participate now!

Don’t have an account yet? Register yourself now and be a part of our community!