After Amazon announced the start of its payments partner program, news media reported that it will delve further into Fintech. Amazon’s payment program will help give it a branded alternative for its increasing herd of e-commerce partners. According to Patrick Gauthier, Amazon’s External Payments Vice President, they are starting to search for acquisitions in the Fintech sector, and they have started by looking outside Amazon’s virtual walls.
The drive into yielding greater integration equipped with financial qualities seems to be a winning option. A good example of this is Alibaba, since they have already been incorporating this tactic, and still continue to do so, while increasing their client base.
Amazon has allied with companies such as Google and Apple, to form the advocacy group, “Financial Innovation Now”. They have set aside their rivalries to promote policies which will allow the influence of technological transformations in the financial services sector.
Amazon definitely has the upper hand in propelling the rise of online finance, which means that the traditional banking industry could be at the losing end.