amazon payments

Amazon is quickly turning itself into an online one-stop-shop for consumers. Next up for the e-tail giant? Entering the e-commerce fold with a new payment product system that puts it in direct competition with PayPal.

Amazon Payments, which launched Monday, aims to allow consumers to use their Amazon accounts to send and receive money and shop online at a number of online sites, CNN reports.

Retailers and other businesses looking to use the service…