Amazon rejects Bitcoin, has big plans for other payments solutions

"Obviously it gets a lot of press and we have considered it ... but we’re not hearing from customers that it’s right for them and don’t have any plans within Amazon (AMZN +1.3%) to engage Bitcoin (BITCN, BTCS)," says Amazon payments chief Tom Taylor.

Nonetheless, Taylor says payments is something Jeff Bezos now considers a priority. “The pressure I feel from Jeff is, ‘Go faster.’”

In an attempt to challenge PayPal's (EBAY +1%) online/mobile payments dominance, Amazon launched a payments solution for unaffiliated merchants last October. It's also reportedly working on a Kindle-based retail checkout system - Taylor wouldn't confirm or deny the project - and a PayPal-like P2P payments system.

Taylor even suggests Amazon is open to providing a payment-processing network that would compete against Visa and MasterCard. But he adds Amazon's offering "would really have to be something much better" than alternatives to launch.

In the near-term, Amazon wants to use mobile devices to eliminate "pain points" in offline payments - examples include using a phone to quickly pay for parking or a restaurant meal. PayPal has similar ideas.

A lingering issue for Amazon: Some retailers are uneasy about providing sales data to a major rival. For his part, Taylor insists "people we think of as competitors don’t have a payments problem."

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Comments (2)
  • Budavar
    , contributor
    Comments (1418) | Send Message
    With AMZN stock is a technical free fall = like now =


    See for yourself by visiting Yahoo Finance tech chart which shows how the stock has fallen through both the 100 + 200 day moving average price line decisively, accompanied/re-inforced by swelling volume. Remember no stock goes straight up or down, but zig zags =
    AMZN to-day had an up day for the first time in a week, free fall taking a breather.


    Then we get these puff pieces which seem to refer to the future, often the distant future. Not even insubstantial musings about profits.Then the acolytes in raptures which don't capture (pun intended indeed) the essence.


    When we have enlightenment, nirvana, we are in the NOW.


    The puff pieces about experiments being experimented = pun intended indeed =
    are published, some how they never seems to be in the NOW.


    Any distraction will do =
    to keep AMZN stock levitating above 550 PER for a wee spell longer!
    15 Apr 2014, 12:12 AM Reply Like
  • Dominic Faultz
    , contributor
    Comments (333) | Send Message
    Sorry but it sounds speculation rather than investing.


    If you believe that a company will be the leader 20 years from now you simply buy when the stock is falling. Each quarter you buy some stocks and you do so for the next 20 or 30 years as long as the company is growing as per your criteria. This is long term investment.


    I could not care less about the moving averages. At a p/s of 1.5 the company is not that expensive. I just hope it will go lower and lower.


    15 Apr 2014, 03:56 AM Reply Like
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