Amazon Payments Volume Doubles In 2016, With 33 Million Customers Using Payment Method

Amazon.com Inc. increased its impact in online payments in 2016. The company said on Tuesday that Amazon Payments volume nearly doubled last year, with more than 33 million customers having used Amazon's payment method to make online purchases. Amazon Payments allows Amazon customers to use the financial information already stored on their Amazon accounts to make purchases on other merchant websites. "Amazon Payments connects merchants with customers that are accustomed to making purchases online," said Amazon Payments Vice President Patrick Gauthier in a statement. In 2016, Amazon expanded payments into France, Italy and Spain with new verticals including government payments, travel, digital goods, insurance, entertainment, non-profits and charities. Amazon said 32% of the transactions were made on a mobile device and the average purchase in 2016 was $80, with the largest being $40,000, according to a news release. Shares of Amazon are up nearly 61% in the trailing 12-month period, outperforming the S&P 500 Index , which is up 22%