According to the study, ‘Alternative Payment Solution: Amazon Pay’, many companies have partnered with
Amazon to enable merchants to receive payments. Some of the biggest companies
are PayPal, Visa Checkout, Masterpass, Visa, Mastercard, Discover, American
Express, Diners Club, and JCB.
The basic benefit behind Amazon is that
it simplifies the way sellers accept payments. Users do not have to enter
information repeatedly over new purchases such as address or credit card
details and thereby streamlining the online purchasing process. All this information
is kept secure with Amazon A to Z guarantee that boasts of a glaring security
that includes merchant protection and fraud detection. Amazon offers this
service to small retailers as well as big enterprises helping them to forge a
strong relationship with their customers by improving user experience resulting
in less cart abandonment and enhanced loyalty from shoppers. This allows the
whole checkout process to be rendered faster thereby improving conversion rates
significantly. This enhanced user checkout experience translated into less cart
abandonment and enhanced loyalty from users.
Amazon Pay is an Amazon owned online payment processing service which
was launched in 2007. Amazon Pay majorly operates in 7 countries namely
Germany, U.S.A, Spain, France, Italy, Japan, India and the United Kingdom. The
target market that Amazon Pay focuses is the user base of Amazon.com that
enables users to pay for their purchases on external merchant websites.
Amazon Pay provides was originally invented with two prime services.
These were Amazon Pay and Amazon Pay Express. Users can purchase goods and
services using the addresses and payment details such as debit or credit cards
stored within the Amazon account. This service is available both via mobile
application and website. Amazon Pay Express is a service that is built on
Amazon Pay which uses Java to create a button that can be used via any website
or Wordpress plug in. The uniqueness of this service comes from the fact that
it does not require full E commerce integration.
In 2018, Amazon announced the launch of in skill purchasing to all Alexa
developers, along with Amazon Pay for skills. Developers can generate revenue
from voice applications on Alexa-powered devices like Amazon’s Echo speakers.
For instance app developers can charge for voice based games or offer other
content and simultaneously receive payment via Amazon Pay for their
applications.
Amazon introduced a new feature called Amazon Pay Places
which allow users to order ahead shopping or pay for in store purchases using
their Amazon App. Instead of using cash, check, credit or debit while shopping
out in the real world, customers can just use thier Amazon account information.
The implementation of Pay Places involves a partnership with the TGI Friday’s
restaurant chain which is set to expand to other physical and retail stores.
With the introduction of Amazon Pay, Amazon is expected
to disrupt the global payments market. Amazon pay reaps benefits to consumers
of greater ease. Since, consumers today prefer to make use of technology that
is more convenient than its predecessors; Amazon Pay can easily improve its
presence due to its unique feature.
To know more, click on the link below:
Related
Reports:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91-9015378249