Amazon expands into the online payments market

|By:, SA News Editor

Amazon (AMZN) will expand further into the online payments market today by launching its new role of managing subscription payments - starting with start-ups and other companies.

The service will allow more than 240M users to use credit card details stored on Amazon.com to pay for services such as a monthly phone bill or a digital music subscription. Fees will be charged for each transaction.

PayPal (EBAY) is set to feel incoming pressure, as Amazon encroaches on the sector it has long dominated.