Amazon Takes on eBay's PayPal With Payments Service (AMZN) has quietly launched “Checkout by Amazon,” an e-commerce checkout service for online merchants that is taking on eBay’s (EBAY) PayPal Merchant Services offering, several analysts noted today.

Derek Brown, an analyst with Cantor Fitzgerald who had previously noted that such a service might be in the works, says the new service allows customers to use their stored payment and shipping information on participating merchant sites. He notes that the service provides businesses a way to manage shipping charges, sales tax and promotions, as well as post-sales activities, including refunds, cancellations and charge-backs. Brown, who has a Sell rating on eBAY, says the development “has added to our concerns around eBay shares.”

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