Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Amazon developing new point-of-sale system to attract small businesses - Insider

Published 09/08/2021, 03:23 PM
Updated 09/08/2021, 03:26 PM
© Reuters. FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. Chinnappa/File Photo

(Reuters) - Amazon.com Inc (NASDAQ:AMZN) is working on a new type of point-of-sale system that can be sold to third-party sellers, Insider reported on Wednesday.

The new system can handle both online and offline transactions and can also link to other services including Prime and Flex (NASDAQ:FLEX), the report added, citing an internal document. (https://

The move will allow Amazon to compete with Canada's Shopify (NYSE:SHOP) and U.S. payments giant PayPal (NASDAQ:PYPL), which already offer POS systems for payments for small businesses, that have moved online during the pandemic to boost sales.

Project Santos, created by an internal Amazon team to compete with Shopify, is leading the project, the report said.

Amazon declined to comment.

Latest comments

good.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.