Amazon working on a POS solution to take on Shopify, Paypal

Karthik Subramanian

Amazon is reported to be working on Project Santos which is a POS solution for merchants and businesses in an attempt to break into the offline payments market and integrate it with the online payments solution that it already has.

This is seen as a direct challenge to Shopify and Paypal which already have such POS solutions but the entry of Amazon into this space is expected to shake up the industry due to the sheer size and reach of Amazon and also due to the kind of control and dominance that it has in the online space. It is also reported that this solution would integrate with Prime, one payment technology, and the Flex package delivery service as well thus providing a wholesome service for merchants and businesses.

It does make business sense for Amazon to venture into this space as this would help to tie up online and offline payments for merchants into a single solution and all reporting, data analytics, and reconciliation can be done at a single place as far as the merchants are concerned and hence they would also prefer such a solution as all that they need would be available at the click of a button. Management of their sales and inventory would also become much easier for the small businesses and this is the advantage that Amazon would like to exploit in the long term.

The payments industry, both online and offline, has taken off over the last few months and it is only natural that many investors are investing in payments startups as they see the industry continuing to grow in the coming months with the digital payments taking over this space. This push has happened mainly due to the pandemic as we have seen many people beginning to use digital payments for the first time even for basic purchases and have since stuck to digital payments due to their convenience. With the pandemic now beginning to recede, the offline payments space will likely see users returning but again, companies like Amazon and Shopify are looking to mop up those payments as well by pushing their offline solutions and projecting an integrated solution for businesses and users as well. It remains to be seen how Shopify and Paypal would be responding to this challenge.

Read this next

Digital Assets

CME Group to launch reference rates and indices on Avalanche (AVAX), Filecoin (FIL), and Tezos (XTZ)

Several leading crypto exchanges and trading platforms will provide pricing data for these new benchmarks, starting initially with Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.

Technology

OneConnect launches operation in ADGM further expanding in Middle East

OneConnect has launched its regional operations in Abu Dhabi Global Market (ADGM), the leading international financial centre of the capital of the UAE, after having worked together on the creation of the ADGM Digital Lab which was launched in April 2021. The ADGM Digital Lab is a marketplace and industry sandbox to encourage the development […]

Industry News

Bitso powers crypto into Via’s payroll platform as remote work triples by 2027

“We are also allowing companies to hire international talent without worrying about administrative issues.”

Retail FX

Vantage partners with FinaCom for external dispute resolution and up to €20,000 protection per client

Vantage has joined the Financial Commission (FinaCom) as a member, thus gaining access to the external dispute resolution body’s range of services and membership benefits, including the unbiased resolution process facilitated by FinaCom, and the protection of up to €20,000 per client, covered by the FinaCom’s compensation fund.

Digital Assets

LMAX Digital onboards Bryan Christian and Cassandra Cox to lead sales

Institutional cryptocurrency exchange LMAX Digital continues to undergo a series of changes in its top ranks as it continues to build its presence globally. Two industry veterans, Bryan Christian and Cassandra Cox, have joined the group as its newest sales directors in Europe and USA.

Digital Assets

Cake DeFi introduces Ethereum Staking with 5% returns

Cake DeFi, a Singapore-based DeFi platform, is launching its Ethereum (ETH) staking service for retail and institutional customers.

Retail FX

FX trading rebounds 405pct at Saxo Bank in September

In a volatile market driven by Russia-Ukraine headlines, FX trading volumes through Saxo Bank have rebounded strongly in September to the highest level in three months.

Retail FX

CMC Markets’ stock climbs as H1 revenue to climb +20%

CMC Markets PLC (LSE:CMCX) shares spiked 5.6 percent to 235p in Thursday’s trading after the firm’s trading update for the first half of its fiscal year 2023 revealed results at the high end of company projections.

Retail FX

Interactive Brokers doubles client accounts to 2 million in 24 months

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes took a slight step back in September, an indication that investor confidence is still fairly mixed over the past few months.

<