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August 14, 2014

Amazon enters mobile payments against Square and PayPal

Ecommerce giant has better transaction rates than its rivals.

By Jimmy Nicholls

Amazon has launched a credit card reader and mobile app called Local Register, in a major entry to mobile payments.

Businesses can buy the card reader for $10, later reimbursed through product fees, and download the mobile app for free on Apple iOS 7 devices, select Android phones and Kindle Fire tablets.

Matt Swann, VP of Amazon Local Commerce, said: "We understand that every penny and every minute counts, so we want to make accepting payments so easy and inexpensive that it no longer gets in the way of a business owner doing what they love – serving their customers and growing their business."

Users of the card reader will be subject to flat rates, with those who register before October 31 offered 1.75% per card swipe until 2016, and later customers paying 2.5%.

Both these prices are lower than the rates of competitors Square and PayPal, who charge 2.75% and 2.7% respectively.

All major credit and debit cards are compatible with the reader, and the app will allow businesses to check sales trends and company performance from phones or tablets.

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