What is Amazon Pay? Amazon Pay Review

Amazon Pay is a mobile payment service launched by Amazon in 2015. It allows users to pay for goods or services on third-party websites using payment methods associated with their Amazon accounts. Amazon Pay payment services currently cover the United States, the United Kingdom, Germany, France, Italy, Spain, Luxembourg, the Netherlands, Sweden, Portugal, Hungary, Denmark, Japan, India, etc.

Use of Amazon Pay

Third-party sellers can add the Amazon payment button to their checkout page through the Amazon Payments SDK (a payment gateway from Amazon). Selling through Amazon's major partners such as Shopify, BigCommerce, Magento or Zuora can also add this payment method.

After sellers add Amazon Payment to their payment options, the user checkout process changes:

1. Users can check out by clicking the Amazon Pay logo or button directly;

2. The user will be redirected to an Amazon page and log in with an Amazon account;

3. After the user logs in, they will return to your website to complete the checkout;

4. Users can choose to pay with a credit or debit card registered in their Amazon account;

5. After the payment is completed, the user will receive an Amazon payment receipt.

After the user pays, Amazon will automatically deduct the transaction commission and transfer the remaining amount to your account. On Amazon, Amazon Pay charges are similar to most e-commerce payment platforms, with a 2.9% commission plus a $0.3 transaction fee. Amazon Pay transactions are usually settled on the same day.

cost

For purchases within the United States, Amazon charges $0.30 + 0.29% transaction processing fee for each transaction. For international purchases, Amazon's transaction processing fee is 3.9%.

Advantages

1. Increase consumer trust

2. Simplify the payment process

3. Provide omni-channel payment

4. Increase user coverage

5. Reduce Shopping Cart Abandonment

6. Match the way users like to shop

7. Amazon Pay provides a seamless checkout experience across desktop, mobile, and voice — making it easy for users to make purchases anywhere.

Financing

In May 2017, according to documents from the Indian Company Registrar, Amazon Pay, a payment service under e-commerce giant Amazon India, received 670 million Indian rupees (about 10.46 million US dollars) in funding from Singapore's Amazon Corporate Holdings Pvt Ltd and its US parent company Amazon Inc.

Development History

-In 2014, Amazon launched the Amazon Wallet, whose main function is to store various personal qualification cards including gift cards and third-party merchant cards.

-In January 2015, Amazon Wallet was abandoned and Amazon launched "Pay With Amazon" for third-party mobile applications. The main person in charge of this project, Patrick Gauthier, came from PayPal, a well-known American third-party payment service provider.

- The number of users using Amazon Pay for payments almost doubled in 2016, with 32% of users using Amazon Pay on their mobile phones.

-In June 2016, Google announced that it would stop supporting the Google Wallet debit card service and switch to the mobile payment service Android Pay.

-In February 2017, Amazon released figures showing that 33 million consumers used Amazon Pay for transactions, doubling the number in 2016. More than 133 merchants accept Amazon Pay as a payment method.

-In April 2017, Amazon announced the launch of Amazon Pay in France, Italy and Spain, enabling users to purchase goods on third-party websites using their Amazon accounts.