Amazon's latest gambit: Owning mobile payments
Illustration: Rebecca Zisser/Axios
The everything store really does seem to want to do everything, as Amazon is reportedly working to position Amazon Pay as an alternative for credit card swiping in U.S. stores, the WSJ reports.
Between the lines: "U.S. consumers have been slow to adopt digital wallets, which were responsible for less than 1% of all U.S. card transactions last year... Amazon executives want to gobble up the U.S. market while the competition remains fairly minimal," the Journal notes.
The details: "Amazon is offering incentives such as lower payment-processing fees or marketing services to entice merchants to accept its digital wallet... Amazon also is working to make Alexa, its virtual assistant, an in-store payments platform, people familiar with the matter said."
Be smart: There’s a consumer data windfall waiting for the U.S. tech giant that can push Americans toward mobile payments, Axios' Erica Pandey notes.
- The rise of mobile payments in China has enabled two tech behemoths, Alibaba and Tencent, to become ubiquitous in people’s daily lives — and collect information about every movement and purchase.