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Amazon's chequing system bad news for card payments

The direct link with banks would allow money to be moved directly, potentially saving Amazon US$250m a year

The risk to the US$90 billion-a-year swipe-fee industry is larger if Amazon's product resonates with young people who are wary of credit card debt or with members of Amazon Prime, the company's most loyal customers who pay annual or monthly fees in exchange for shipping discounts.

New York

JEFF Bezos changed the way America shops. Now he wants to change how it pays for things. With a foray into financial services, could disrupt the decades-old card payments system, a move that some say could save the retailer US$250 million a year in swipe fees.


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