Amazon Pay Takes on Apple Pay in Fight for Digital Wallet Dominance
*By Chloe Aiello*
Amazon is stepping up its game in the fight against Apple Pay, by migrating its own digital wallet off the web and into the real world.
The e-commerce giant is recruiting brick-and-mortar merchants to accept its digital wallet, Amazon Pay, putting it in direct competition with a host of other companies vying for dominance in the burgeoning digital wallet industry, [according to a report from The Wall Street Journal.](https://www.wsj.com/articles/amazon-pay-accepted-here-web-giant-aims-to-put-digital-wallet-in-stores-1542796827)
Amazon ($AMZN) is reportedly targeting merchants like gas stations and restaurants ー which aren't direct competitors to the tech behemoth. The Wall Street Journal reported that the functionality of the wallet isn’t yet clear, but options for use include enabling users to scan a code on their phones, or tap their devices at check-out ー much like Apple Pay ー among other options. Shoppers can already use their Amazon accounts to check out at select Amazon-owned brick-and-mortar stores, and the company has been experimenting with incorporating Amazon Pay into Whole Foods transactions, [according to the Wall Street Journal](https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200?mod=article_inline).
Digital wallets still aren't widely used in the U.S., and Amazon is looking to jump into the mix early. It faces competition from rivals, like PayPal ($PYPL), Visa Checkout ($V), Venmo and, of course, Apple Pay.
Amazon did not immediately respond to Cheddar's request for comment.
U.S. and British cybersecurity officials warned Wednesday that a Russian cyber-extortion gang's hack of a file-transfer program popular with corporations could have widespread global impact. Initial data-theft victims include the BBC, British Airways and Nova Scotia's government.
Wilson Aerospace, a Colorado-based tools company with close ties to NASA, is suing Boeing for allegedly stealing trade secrets over the past two decades.
Apple recently acquired augmented reality company Mira following its launch of the Vision Pro headset. Cheddar News explains how Apple is looking to tap into the AR market long dominated by Meta.
Fiserv President and Chief Executive Frank Bisignano spoke to Cheddar News about what the transfer to the New York Stock Exchange means for his company and how Fiserve plans to use its partnership with the exchange in the fintech space. "We do believe that we could do a lot here creatively with the stock exchange," he said. "
It's never too early to save for retirement but many people don't have access to an employer-sponsored plan. Pratik Patel, managing director and head of family wealth strategies for BMO Family Office, joined Cheddar News to discuss other options to ensure safe retirement.
Joe Mazzola, director of trading and education with Charles Schwab, joined Cheddar News to discuss Wednesday's trading session as markets closed mixed.
Summer camps across the country will open this month, but parents may experience some sticker shock. With the cost of goods and services rising, so is the price of camp. Cheddar’s Ashley Mastronardi spoke to experts who shed some light on how this will affect your wallet.
