Amazon Wallet recently launched in beta form on Google Play and the Amazon App Store, positioning itself as an all-in-one vault for loyalty and gift cards. After you launch the app, merchants can scan the QR or bar code to debit your gift card or reward you with loyalty credits. You can also check your gift card balances from dozens of supported merchants in-app.
Amazon also advertises the app will come preinstalled on the forthcoming Fire phone. Users can scan their gift and loyalty cards, or type in the cards' account numbers, to store them in the digital wallet.
While Amazon Wallet currently does not currently support mobile payments or credit or debit cards—as Google Wallet already does—it would not be surprising if it offered that feature at some point. The Amazon Wallet web app is a profile of all payment information stored in one’s Amazon account. It would seem a fairly logical leap for Amazon to shift this information to the mobile app and then enable it for processing more types of payments.
Amazon could also use Amazon Wallet to get a better grasp on your purchase history and tendencies. If you use Amazon Wallet app heavily, it would give Amazon useful data about your spending habits and help the company better tailor the purchasing recommendations it shows you on the Amazon website.
Google Wallet pushed out similar functionality not long ago, augmenting its NFC touch-to-pay transaction capabilities.