By Mohammed Waseem
When a technology develops and people begin to like it, more and more choices come into existence. Among the well-known names, we have Amazon that acquired TextPayMe in the year 2006 and renamed it to Amazon Payments in 2011. With their service, residents of the US can send and receive money on their Amazon account.
TextPayMe was an SMS payment service that allowed users send money to other people using cell phone text messaging. Anyone in the US who had an SMS-enabled phone could receive money with this service. Amazon has now improved this service and has moved it online. So, users can send money to anyone in US with an email address.
Anyone can send payments from the Amazon Payments website using WebPay. In order to send, a user has to login and click the ‘Send Money’ tab. In the recipient field, the email or the recipient’s alias has to be entered and then the amount in the amount field. Users can also add a personal note while sending money.
Recipients who are not registered with Amazon need to do it within 30 days from the date of sending money, after which, it is returned to the sender. Senders using personal accounts can send up to $500 per month, which may either be raised or be removed entirely if a credit card and a verified bank account have been linked to the account. This applies to the recipients receiving money as well.
This service also allows requesting money online from the ‘Send Money’ section. Both the sender and the requestor are sent emails. The email send to the requestor contains a link to send the payment reminder or to cancel the payment. The sender receives an email with links to accept or decline the payment. If the request is not fulfilled within 10 days, it is automatically cancelled.
Interested users can sign up for a basic account with Amazon to be able to send and receive money with this service. Users can also shop online and use their Amazon Payments account for secure checkout. They also offer solutions for businesses to include ‘Checkout with Amazon’ or ‘login and pay’ on their websites. The standard rate for this solution is 2.9% + $0.30 per-transaction for transactions of $10 or more.