Amazon wants to add a person-to-person payment feature in Alexa
Amazon (AMZN) is about to disrupt another industry. According to the Wall Street Journal, the e-commerce giant is considering using its popular digital assistant Alexa to start a person-to-person payment feature.
PayPal (PYPL), which owns Venmo, a person-to-person payment service, saw its stock fall 4% on Friday, April 6, 2018, after the report.
The new Alexa function could take some time to come to fruition. As noted in the report, the voice-activated device will need information on users’ bank accounts for this feature.
Alexa is becoming increasingly integral to a connected home
Amazon uses AI (artificial intelligence) tools to make Alexa useful for chores such as shopping. Smart speakers, including Amazon’s Echo powered by its digital assistant Alexa, are likely to be an integral part of a connected home. The Wall Street Journal report said the company is also working on adding a payment option to Alexa, which would enable drivers of cars equipped with Alexa to pay for gas through the digital assistant.
Amazon stock has fallen 12% over the last month due to a number of negative comments by President Trump and the possibility of more regulations in light of Facebook’s data scandal. However, Amazon stock has risen 20.2% year-to-date.