Amazon has just unveiled its Amazon Payments Global Partner Program aimed at promotion of its payments service, Amazon Payments, to more third-party websites. E-commerce platform providers and other developers will now be able to easily integrate with Amazon Payments and their own merchants will get an opportunity to offer “Pay with Amazon” option at checkout. Thus Amazon is not going to stand apart while the fintech industry is rapidly developing.
“The Amazon Payments Partner Program is a global program designed to increase your exposure to the Amazon merchant base. The program is currently open to ecommerce platform providers, professional developers and agencies who help merchants build and manage their ecommerce business”, says official website.
Amazon Payments seems to be rather convenient for individual merchants. By integrating Amazon’s tools like “Login and Pay with Amazon”, they get access to the retailer’s large user base and customers don’t need to create a separate username and password on the merchant’s website. They just pay for their purchases with the credit card information they have on file with Amazon. Thus the whole process of purchase becomes simpler.
Amazon Payments already works with individual merchants. And now, the new Global Partner program aims at expanding a set of services to e-commerce platform providers. At the very launch of the program Amazon got agreements to cooperate from several providers, including Shopify, PrestaShop, and Future Shop. They will now be listed in Amazon’s Partner directory and will get access to a variety of services like white glove integration, account management, planning support, technical resources, training as well as to co-marketing activities.
Amazon offers three categories of partner’s status: Premier Partner, Certified Partner, and Certified Developer. The Global Partner program is currently in an invite-only status in the U.S., Germany, U.K. and Japan.
“The Amazon Payments Partner Program provides Partners with the tools and resources needed to extend the trust and convenience of the Amazon experience to their merchant customers,” said Patrick Gauthier, vice president, Amazon Payments. “We are working together across geographies and industries to help merchants grow and create experiences that delight customers throughout the shopping journey.”
Amazon is going to expand its opportunities and now is looking for acquisitions as the value of fintech start-ups “comes back to earth”, the e-commerce giant told CNBC. Global investment in fintech firms hit $20 billion in 2015, a 66 percent increase on 2014, and Amazon intends to take advantage of the market.
“After a number of years where fintech has been a little bit ahead of itself in terms of valuations things have come back to earth”, says Amazon’s vice president Patrick Gauthier.
According to Amazon, its transaction volume has grown 150 percent last year over the year prior, and average orders were around $84. The statistics concerning Amazon Payments is also promising. The number of merchants using this payments option has grown by 200 percent in 2015. Amazon poses a serious competition to other payment service providers in fintech industry, like PayPal, Visa, Apple Pay. The company has 285 million account holders, and some 23 million-plus have now used their accounts on non-Amazon websites.