Amazon Invades Mobile Payment Space May Topple Square

[Corey Dutton]

Making it easy for merchants to accept credit cards via their smartphones, Square has quickly grown to be one of the largest mobile payments providers. Amazon is rapidly following suit with its mobile payment solution called, “Amazon Local Register.” Positioning themselves against Square as a lower cost option, many insiders believe Amazon will soon topple Square to become the number one provider of mobile payments.

Square charges a whopping 2.75% per swipe transaction, while Amazon is offering an intro cost of 1.75%. This intro pricing offered by Amazon will bump up to 2.5% once the introductory period expires, but this is still cheaper than the service offered by Square. So just how will Square compete against Amazon in the mobile payments space?

Posted by Corey Curwick Dutton