Merchant Innovation

Amazon Launches New Digital Wallet, Sort Of

Amazon is nowhere near finished in terms of offering customers the latest and greatest digital payment options. According to Payments Source, Amazon released a beta version of a digital wallet for Android and Fire phone users.

It’s reported that while the wallet is available on Google Play and Amazon App Store for Android devices – and can store loyalty and gift cards – the new option does not have a mobile payments function or an ability to enroll credit and debit cards from a mobile device.

Similar to Apple Passbook, Amazon Wallet stores loyalty cards but does not have a built-in payments function. Users can type in the card number or scan its bar code to load it into the wallet. Additionally, the wallet feature will come installed on the new Amazon Fire phone.

Not only has Amazon been making waves in the payments industry, but MPD’s Karen Webster recently discussed how Yelp and Amazon together could become quite the commerce force. Yelp is one of the partners selected by Amazon to develop a custom app for the Fire phone and Webster speculated that Yelp could become Amazon’s marketplace of local businesses, enabled by Amazon’s payment method.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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