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Amazon makes headway in online payments arena

According to a Reuters report, Amazon is making headway into the online payments arena, which has long been dominated by PayPal.

The article says Amazon will start managing subscription payments for startups and other companies as soon as Monday. The service, according to the report, will allow the company's more than 240 million active users to use credit card details stored on Amazon.com to pay for services such as a monthly phone bill or a digital music subscription — for a fee on each transaction payable to Amazon.

Third-party sellers account for 40% of Amazon’s sales.

The Reuters report, which is viewable here, comes ahead of the anticipated unveiling June 18 by CEO Jeff Bezos of the company’s expanded role in mobile payments.

 

 

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