Blog

Tech giants battle for mobile payment dominance

September 29, 2012

While most people think of Amazon as an online marketplace, selling everything from music to books, there is some speculation that the technology giant is looking to enter the merchant services industry.

While most people think of Amazon as an online marketplace, selling everything from music to books, there is some speculation that the technology giant is looking to enter the merchant services industry.

TechCrunch’s Leena Rao reports that an unnamed source revealed that the firm is planning to offer its own payment system at both physical stores and online. The site also said there are rumors the payment processing fees charged by Amazon would stand at 1.9 percent, lower than competitors such as Intuit, Square, GoPayments and PayPalHere.

While the move would be a significant change, there have been signs that the firm was planning this move for some time.

It’s no secret that Amazon has been eyeing the in-store physical, retail world. The company is reportedly looking to launch a number of retail stores. A credit card processor and mobile payments device could power transactions at these stores.

Amazon made other news recently when it comes to its stock price. In a column for CNNMoney, Paul R. La Monica said that the stock price was overvalued based on anticipated revenues.

Back To Blog