Amazon to Compete with PayPal and Apple with new Kindle Checkout System

Amazon is poised to release a new P2P cloud based payment system that seeks to compete against Square and Paypal. The Kindle Checkout System will be powered by technology acquired by GoPago, which Amazon bought out last year. The essence of the Kindle Checkout system is to allow vendors to take orders or scan credit cards to make purchases. Retail locations is still where 90% of all commerce is conducted and Amazon will supply everyone with Kindle Fire tablets with a build in credit card and debit scanner. The Wall Street Journal mentions that “Amazon also might seek to create a so-called mobile wallet with stored credit-card information to help speed payments. The company last year rolled out a one-click digital button for processing online and mobile payments on other retailers’ websites using Amazon customers’ credit cards.” The Amazon development of a new payment system comes at a time where Apple is actively creating their own solution. They basically want to bill peoples iTunes account directly via a customers ID number. Since Apple is the leading phone by a wide margin in North America, hooking up retailers with the ability to just bill people. How will Apple handle this? iBeacon technology has been garnering a ton of news lately, that first hit the scene with iOS 7. It uses Bluetooth Low Energy to create proximity based networks that can detect the physical presence of a phone in a store or at the register. It also included fingerprint ID in the iPhone 5s, which could be used to authenticate a customer – not just his or her device – is present to authorize a sale. Amazon to Compete with PayPal and Apple with new Kindle Checkout System is a post from: E-Reader News

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