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258 points polyrand | 1 comments | | HN request time: 0.216s | source
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vishnugupta ◴[] No.34491814[source]
I worked on Amazon Payments systems for quite some time back in the day. We took pride in being the best payment processors. Had direct connections with card networks, banks and what not. We even launched a PayPal competitor[1]. They launched a Square like device for physical retailers[2]. They invested some serious money in building and maintaining all of that.

However going by this news seems like Amazon has more or less given up on their payments ambitions. Could be also due to recent layoffs. This is a big news. Maybe Amazon wants to focus on being good at few things instead of running hundreds of experiments.

Edit: References.

[1] https://pay.amazon.com

[2] https://www.forbes.com/sites/ryanmac/2015/10/30/amazon-kills...

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1. ROFISH ◴[] No.34492424[source]
Just noting from my experience that many e-commerce platforms like Shopify have started charging an extra "third-party payment fee" for not using their own payment platform so all the savings gained from lower fees would've been ate up by the other platform.

Being aggressive in banks is only half the equation. You also need to be aggressive against the e-commerce platform's own greediness.