Mobile PhoneAmazon has announced plans to launch their own mobile payments app that will compete directly with currently apps including Square and PayPal. The new service, dubbed the Amazon Local Register, will work similarly to other mobile payment apps, allowing users to accept payments via credit and debit cards using the smartphones and tablets.

The web retail giant will use their current payments infrastructure to handle the new service, which is aimed largely at small businesses that may not use standard brick and mortar facilities. Those who sign up for Amazon Local Register before October 31 will be charged a 1.75 percent fee per card swipe up until January 2016, when the percentage will increase to 2.5 percent.

Source: RTTNews