This Could Mean Big Things for Amazon's Payment Service

Amazon was initially met with skepticism when it launched its new payment service in October, but new data shows why it still has promise.

Jan 11, 2014 at 11:00AM

Back in October, Amazon.com (NASDAQ:AMZN) launched its new "Login and Pay With Amazon" service, which effectively allows customers of third-party websites to more easily process electronic payments using their existing Amazon credentials.

Given the roughly 215 million active user accounts maintained by Amazon, the payment service boasts massive potential to positively affect the online retail behemoth's bottom line. But not everyone was convinced, especially since many of the sites targeted for the service are arguably competitors with Amazon.

But earlier this week, Amazon reminded us of its massive Marketplace Sellers platform, a community of more than 2 million businesses of all sizes that sells billions of dollars' worth of products on Amazon.com each year. In fact, Amazon says, its number of active Marketplace sellers rose by more than 65% in 2013.

According to the Fool's Steve Symington in the following video, that goes to show Amazon has no intention of simply leaving smaller businesses in the dust as it continues to grow. What's more, this also indicates a significant number of smaller retailers -- many of which also operate their own websites and brick-and-mortar locations -- are more than happy to embrace Amazon's world-class infrastructure. 

To hear Steve's full take on why this could portend good things for Amazon's payment service going forward, check out the video.

Consider our CIO's top stock for 2014
There's a huge difference between a good stock, and a stock that can make you rich. Steve believes Amazon belongs in the latter category, but that doesn't mean it's the only great stock our market has to offer.

In fact, The Motley Fool's chief investment officer has just selected his No. 1 stock for 2014, and it's another one of those stocks that could make you rich. You can find out which stock it is in the special free report: "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.

Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Amazon.com and eBay. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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