Amazon is already known as a retail giant that offers almost everything through its online store, but now Amazon wants to enter the financial service market. The company will now manage monthly subscriptions payments for companies, starting with wireless service provider Ting. This could be a huge hit to PayPal if this new expansions from Amazon succeeds. Amazon users will be able to use their stored credit-card information to make monthly payments at participating sites. For anyone who’s used PayPal, the process will be very familiar; you’ll see a payment button that will pull in your billing info from Amazon to process a transaction.
Beyond Ting its unclear who else will use this service, but subscription music services could benefit from this. The new service, which launches next Monday according to Reuters, could become a huge source of income for the company. Amazon already touches a large portion of the internet with AWS which is used to host sites like Netflix. Now Amazon wants to extend their role as a middleman fro a place to sell products to processing purchase for anything requiring a subscription as well.
With Amazon expanding its financial operations, their influence is only going to grow.
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