Earlier this week, Amazon.com (NASDAQ:AMZN) launched its new "Login and Pay with Amazon" service. Through this implementation, the online retail giant is aiming to help third-party websites allow customers to more easily process electronic payments using their Amazon credentials.

Source: Amazon.com.

Of course, this isn't exactly good news for PayPal, which made up more than 40% of eBay's (NASDAQ:EBAY) revenue last year.

What's more, in the following video, Fool contributor Steve Symington outlines several key advantages that Amazon should be able to enjoy entering into the payment space. Watch the full video below to get Steve's take, then let us know what you think in the comments section below.

Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Amazon.com, eBay, Facebook, and Google. The Motley Fool owns shares of Amazon.com, eBay, Facebook, and Google. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.