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

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<