Amazon goes after mobile payments with 'Local Register'
Amazon today announced a new point of sale (POS) solution that will provide the company with an inroad to brick and mortar retailers.
Called Amazon Local Register, the payment solution consists of a secure card reader and mobile app that will allow local businesses to accept credit and debit cards from a smartphone or tablet and keep track of their business.
Amazon Local Registers sees the online retailers directly competing with payment providers like PayPal, Square and others.
Amazon said it will offer full customer support for Local Register and those who sign up for the service before October 31 will receive a promotional rate of 1.75 percent per card swipe on all major credit and debit cards until January 1, 2016.
Those who sign up by October 31, 2014 to lock in this special rate through December 31, 2015. Pay 2.5 percent beginning January 1, 2016. That's just barely under PayPal's 2.7 percent per-transaction cost, and Square's 2.75 percent per-transaction cost.
Customers can get started with Amazon Local Register by registering online and then purchasing a $10 card reader. They'll also need to download the free mobile app from Amazon Appstore, Apple App Store or Google Play. Beginning August 19, Staples will carry the card readers.