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article imageAmazon reportedly preparing a mobile payments solution

By Michael Essany     Apr 19, 2013 in Technology
News came to light on Thursday that online retail giant Amazon may soon release a mobile payment solution for merchants and consumers.
According to details contained in a patent filing uncovered this week at the United States Patent and Trademark Office, Amazon's next big innovation might not be the smartphone that industry analysts have been speculating about for years.
As it turns out, mobile payments may be the top priority for Amazon's research and development crew.
The "Anonymous mobile payments" patent application describes a payments system that would allow mobile users to pay for items in the most secure fashion possible - a transaction where their names, phone numbers, email addresses and other personal information never become available to the seller.
Although a number of industry leading mobile solutions are already known for delivering excellent security features - PayAnywhere, Square, and GoPayment - Amazon is drawing praise for focusing on security as the cornerstone of its looming solution.
In the big picture, however, it remains to be seen if Amazon's late entry onto the field will preclude the company from catching up to established and widely trusted mobile payments giants like PayAnywhere. But the online retail juggernaut may still give it a shot. And no one can fault Amazon for seeing dollar signs in the promising realm of mobile payments.
As chronicled on a recent post on the PayAnywhere Blog, mobile solutions are growing in popularity largely because of how secure they are. PayAnywhere says mobile payments solutions let merchants "expedite sales and fund transfers with much greater efficiency, while keeping all monies safe from loss, theft or fire."
While Amazon has the financial resources to aggressively pursue virtually any new product challenge, Amazon may be facing the greatest challenge of its time, especially if the digital retail giant expects its market entry to be a cakewalk.
More about Amazon, mobile payments, Square, GoPayment, Payanywhere
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