08:04 AMZN Amazon.com: Joining the battle at the online checkout counter - Lazard (76.79 )
Lazard notes AMZN is beta testing a new online payment system for third-party websites, which leverages its existing payment infrastructure. Firm believes this is a web services extension and a new PayPal competitor. Firm notes the program allows AMZN account holders to make online payments through credit cards, bank accounts, or stored fund balances to websites accepting Amazon Payments. As such, they believe Amazon Payments will compete more directly with eBay's PayPal and Google Checkout. Firm believes the stock largely discounts strong growth and operating margin expansion.
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