Following my post from last week about the imminent entry of the big tech giants to the mobile payment space, it was timely that another one of The Big Four made public their intentions. During the week, Amazon made it clear that they also want a piece of the pie and announced that they plan to launch a suspiciously Square-like mobile card reader and app platform called Amazon Local Register.
And guess what? – they plan to undercut Square and PayPal on the fees they charge retailers by a whole percentage point (1.75% to Square’s 2.75%,and PayPal’s 2.7%). No surprise there then as Amazon have certainly been upping the ante recently when it comes to throwing their weight around, brazenly squeezing their suppliers. They also take a swipe (get it?) at Square’s perceived lack of retailer support by highlighting their ‘awarding-winning’ customer service.
Let the games begin.