When it comes to mobile payments, there has yet to be a standard in which we can all agree on. There are various methods available at the moment, such as using QR codes, using NFC on our phones to tap and pay, and so on. Companies like Square and Amazon have even created mobile credit card readers so that retailers can facilitate card payments regardless of how big they are.
In fact just last year, Amazon launched Amazon Register which was basically the company’s take on Square’s own mobile payments service. However if Square was worried about the competition, they can breathe a sigh of relief as Amazon has announced that they will be discontinuing Register.
According to Amazon, “Effective October 30, 2015, we are no longer accepting new customers. Existing customers can continue to use Amazon Register until February 1, 2016, when we will discontinue to service. We regret any inconvenience that this may cause.” Like Amazon said, support will continue until 2016, but they will no longer be accepting new signups.
Prior to this, Amazon was attempting to get a leg up on Square by offering lower processing fees at 2.5%, versus Square which charged 2.75%. Amazon at one point even dropped that fee to 1.75% as part of a promotion. No word on why Amazon decided to scrap the service, but presumably it was because it wasn’t popular enough to be profitable. In the meantime the retailer will be trying out new methods, like offering “Pay with Amazon” buttons to third-party apps.
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