With an eye on making the process of online transactions easier, leading online retailer Amazon.com has come up with a new system called PayPhrase which cuts down the time associated with making purchases on the internet.
The idea behind the new system revolves around providing each customer with a unique phrase which they can set, along with a 4 digit PIN and this data is linked to their credit card details and other customer info stored on the Amazon server.
Now when one decides to make a purchase on a site that uses Amazon Checkout system, one just needs to enter the PayPhrase and the related PIN and can complete the transaction without needing to fill lengthy address or credit card details.
Expressing his enthusiasm over the roll out of the new system, Matt Williams, the general manager of Amazon PayPhrase mentioned "The vision of PayPhrase is truly to be able to allow you to pay instantly wherever you want to pay."
Analysts believe that the new system introduced by Amazon will go down well with its users as it not only reduces the amount of effort that one needs to make while buying stuff online, it also adds a level of security with very minimal amount of information being disclosed during transactions.
I thought that your email and the password were the two only things necessary to complete the buying process at Amazon. Still, Payphrase appears to be promising but one has to wonder whether users will be willing to take yet another security system onboard.