Amazon's payments business processed nearly double the amount of money in 2016 as it did the year before after it expanded into new territory, the U.S. e-commerce giant announced -- as it challenges the likes of PayPal and expands its revenue streams.
The service, called Pay with Amazon, allows customers to make purchases on other websites using details already stored on their Amazon accounts instead of having to re-enter personal details.
In 2016, 33 million customers used Amazon Payments, up from 23 million the year before, the company said. The average transaction size was $80 in 2016, down from $84 in 2015, with the single largest transaction being $40,000. Amazon did not say how much money it processed or the number of transactions in total last year.