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July 11 2008
Amazon introduces Bill Me Later
Amazon is looking to new ways to increase growth in the US and has picked alternative payment option Bill Me Later
Alternative payment options ie anything but credit cards are becoming one of the fastest growing areas on the internet. Every week we see another example arrive, however they’re always been regarded as niche, however with the news that Amazon will now be accepting alternative payment system Bill Me Later, we should expect to see the alternatives become more mainstream.
From July 8th Amazon customers will be able to use Bill Me Later's payments service to pay for their purchases instantly online without using a credit card.
"We are committed to providing our customers with the greatest possible selection, whether that's in our 40+ stores, or in the selection of payment methods we offer on the site," said Matt Swann, vice president of payments at Amazon.com. "We believe our customers will appreciate having another convenient payment option when shopping on Amazon.com."
Bill Me Later is among the most widely adopted payment technologies for the largest online retailers. Bill Me Later enables consumers to shop online without using a credit card and helps retailers simplify the payment experience for customers who don't want to use a credit card. To use the system all US purchasers need do on Amazon is simply enter their birthday, and the last 4 digits of their Social Security Number, and then accept the terms. Bill Me Later allows users to buy now or pay later, and when the users order is shipped they also receive a bill from Bill Me Later in the post that allows them to either pay in full or over time.
Avivah Litan, vice president and analyst at Gartner commented, "Adding alternative payments is of widespread merchant interest as they work to offer consumers additional payment options. Our research shows high consumer interest in these types of alternative online payment instruments and evidence that they find them secure and convenient."
In the US Bill Me Later is used across hundreds of big name merchants including, Borders, Fujitsu, Toshiba, Toys "R" Us, and Walmart and was #6 on the 2007 Inc. 500 List of the fastest-growing private companies in America.
The list of payment methods accepted on the US Amazon site seems to go on forever and includes practically every form of payment know to man apart from beads, mirrors……oh and PayPal and Google Checkout. Funny that.
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