In the recent past, Amazon.com, Inc. (NASDAQ:AMZN) has been venturing in many businesses. They are trying to establish themselves into markets like Smartphones and Mobile Wallets with their recent moves. News has spread out that they are launching their mobile card reader product very soon to compete against similar products from Square, PayPal and Staples, Inc. (NASDAQ:SPLS). Amazon is planning to launch their product through Staples pretty soon and it might cost around $9.99. Amazon’s product might be cheaper that PayPal and Staple’s products.
Wall Street Journal tech reporter, Shira Ovide, talked on Fox Business about the Amazon.com, Inc. (NASDAQ:AMZN)’s venture into payment business.
Ovide said that Amazon.com, Inc. (NASDAQ:AMZN) has clearly shown their intention of entering the payment business and set up a business model similar to the Square. She added that companies like Square are striving hard to replace the tradition way of cash register system in many retailers with their e-reading payment hardware and mobile back-end applications.
She added that the payment hardware and software helps companies to process their payments very quickly.
All the tech giants like Apple Inc (NASDAQ:AAPL) and Samsung are getting into the mobile payments, but Amazon.com, Inc. (NASDAQ:AMZN) has made a smart move by planning to launch their product through Staples, which showed their intention to connect to businesses rather than the consumers.
Ovide said that almost all the businesses are trying to replace the cash and credit card with mobile payments.
“[…] The real money is replacing the credit card systems, the point of sale terminal systems at mostly small and medium sized businesses, things like coffee shops and food trucks and i-glasses retailers. That’s really where people like Amazon and Square, frankly, are focusing their attention,” she added.