Leena Rao for TechCrunch:
Rumors have been coming in that Amazon is readying a mobile payments product that could compete with Square, Intuit GoPayment and PayPal Here. A tipster and an industry source both tell us that Amazon is going after smaller chains of retailers for the product, and could be offering significantly lower credit card processing fees for merchants.
It makes so much sense for Amazon to enter this market, they already have both infrastructure and capital. But here’s the dealmaker:
Rumors are that Amazon could be offering a rate as low as 1.9 percent. Current offerings include fees of around 2.7 percent.