What Amazon Payments Means for Your Shop
Monday morning at the Money 2020 event in Copenhagen, Amazon announced a plan to open its payment processing to third party websites. Called the Amazon Payments Global Partner Program, it will let non-Amazon shops like Shopify and WooCommerce integrate with an Amazon branded checkout button.
This technology has been tested with individual merchants with a “Checkout with Amazon” button. It has helped merchants with fraud avoidance, allowing each to authenticate with Amazon’s algorithms. It also saves consumers the hassle of entering new card information because it integrates with their Amazon account.
Amazon has partnered with some powerful third party shop software and will offer merchants, marketing services, technical training, and support services. They will also label their partnerships into three categories with benefits relating to those categories.
Right now, Amazon Payments is limited to invitation only and a rigid application process. Amazon has definite integrations planned for Shopify, OpenCart, Magento, and WooCommerce.
It’s important to keep an eye on it. It clearly shows that Amazon is targeting PayPal, Apple Pay, and all other payment service providers well as integrating into its own online shop software competitors.
According to Amazon’s own statistics, they expect consumers to easily adopt their payment button. In January, Amazon released numbers saying transaction volume has grown nearly 150% and that the average total order value was around $85.
Read more details about Amazon Payment on their website.