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Amazon plans to process payments for start-ups and other businesses

Amazon has announced a new payment processing service for other businesses that it has been testing with startups and will launch soon

| Business, Financial & Legal News | Posted: Jun 10, 2014 4:34 pm

Amazon has announced a new plan that will allow it to compete more directly with PayPal. Amazon plans to start processing payments for startup companies and other firms. The service will launch soon and allows over 240 million active users to use the credit card details stored on Amazon to pay for services.

 

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Services that users can pay for using Amazon's new payment service including things like monthly phone bills, digital music subscriptions, and more. Amazon will charge a fee for each transaction. Amazon currently acts as the middleman for a number of companies and this move will broaden that role.

 

Amazon has tested the service for several months with startups like Ting. Amazon says that users of Ting who used Amazon payment services spent 30% more than other customers did.

NEWS SOURCE
Reuters.com

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