Amazon Pay, which has been around since 2007, made a leap into physical retail last week with the launch of Amazon Pay Places, which lets customers pay with Amazon at participating brick-and-mortar stores.
It’s a move that’s caused speculation as to whether this is another nail in the coffin for physical retail stores. By getting into payments at retail stores, Amazon is moving into a space that was once the exclusive domain of the banks. And with a growing army of loyal customers, Amazon’s encroachment into bank territory is seen by many as a threat to traditional financial services. Analysts say that while Amazon Pay may appeal to smaller retailers and fast-food restaurants, larger ones fearful of the competition may be reluctant to do so.
Read the full story on tearsheet.co
More in Marketing
How GameStop went from struggling retailer to eBay bidder
It’s still unclear how exactly GameStop, at a fraction of eBay’s size, would secure all the money needed for the transaction.
OpenAI makes it easier to run shopping ads in ChatGPT
OpenAI automates product ads for e-commerce brands, tapping existing catalogue infrastructure.
Marketers strain to juggle media budgets, AI and high expectations from CEOs
A new survey reveals sustained pressure on budgets as CMOs struggle to deliver on marketing goals and AI objectives.