Amazon Rumored To Have Square, PayPal Competitor In Works

By  |  September 27, 2012
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Amazon is preparing a mobile payments product that would directly compete with Square, PayPal and others in the mobile acceptance industry, according to a Tech Crunch report.

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    According to an unnamed industry source and a tipster, Amazon will attempt to appeal to small retailers with a fee rate of 1.9 percent – significantly cheaper than the 2.7 percent commonly offered by many in the space today.

    The report notes that these aren’t the first rumors connecting Amazon to payments services, as they’ve been linked to NFC-powered payment services in the past.

    A spokesperson for Amazon refused to comment, saying it’s company policy not to do so on “rumors or speculation.”

    Read the full story here.


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