The payment services provider (PSP) sector has one less member as Amazon has ended its bid to enter the world of mobile payments via Amazon Wallet, an Android app that received a low-key launch last summer.
Developed by the company to store loyalty and gift cards, Amazon Wallet has been removed from the Google Play store and Amazon’s own app store, where links have been taken down
“We’ve learned a great deal from the Amazon Wallet beta programme and will look for ways to apply these lessons in the future as we continue to innovate on behalf of our customers,” said Amazon spokesperson Tom Cook.
However, reports suggest that it is unlikely that Amazon will abandon mobile commerce altogether. The axing of the mobile wallet does not impact on the company’s mobile point-of-sale (POS) service for iOS, Android and Kindle-based Amazon Local Register, which is still live.
Amazon’s statement on the app also leaves the door open for the wallet functionality to be reintroduced soon in another guise.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.