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Amazon wants to handle your online payments

Amazon wants to handle your online payments

Amazon is going after PayPal's market share. Starting today, America's biggest online retailer will begin managing payments for subscription-based Web services.

Amazon already functions as a middleman for third-party retailers, and its payment system is a cornerstone of its business model. The company has 240 million active users, and keeps credit card info on file for all of them. That means when you sign up for a new subscription service supported by Amazon's payment system, it will be quicker and easier than ever to do. Of course, Amazon will get its cut in the form of a transaction fee.

Yahoo has more:

Amazon has been testing the new service over the last several months with start-ups including Ting, a mobile phone company that is part of Tucows Inc. Those who used recurring payments by Amazon spent 30 percent more on Ting's website, product manager Justen Burdette said in an interview arranged by Amazon.

Amazon is making some huge moves to broaden its business model. Now it's expanding to smartphone handsets. Click here to get a sneak peek at Amazon's game-changing new smartphone.

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Source: Yahoo News
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