Amazon Launches PayPal Competitor
August 5, 2007 by Jayvee Fernandez
Filed under Computers
Investors were antsy when Amazon CEO Jeff Bezos started to diversify from online retail to Web services. Now they can relax as the moneymaking synergy between the two business models becomes crystal clear: a payment gateway to compete with PayPal. The Amazon Flexible Payments Service allows online retailers to use Amazon’s payment system, a system honed by years of online retail leadership, even if they’re not selling stuff on Amazon.
Along with Google Checkout, Amazon FPS threatens to end PayPal’s flawed monopoly on global online payments. Inflexible payment solutions constitute an age-old barrier to global e-commerce; now watch that barrier crumble.
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Check out what others are saying about this post...[...] longtime monopoly on online payment has made them both arrogant and complacent. I am only too happy to watch their monopoly fall in the face of big new competitors like Google Checkout and Amazon [...]