Amazon launches new payment service program

NEW YORK (WLS) -- Amazon has a new online payment service.

The online retail company has launched "Amazon Payments," which allows customers to send and receive money.

It also allows them to shop online at thousands of sites other than Amazon.

Amazon Payments is designed to take on PayPal and will be accessible on desktops and mobile devices.

There are no recurring fees for retailers, though Amazon will take a standard cut of 2.9 percent from those businesses, plus 30 cents for each transaction of $10 or more.