Amazon

As consumers use digital channels more, merchants are under pressure to not only make payments seamless, but tie transactions to broader customer-facing and internal functions.

Amazon is revamping its cobranded rewards card, adding a higher tier of rewards for people who pay a $99 annual fee — as 65 million people already do — for Amazon Prime membership.

Chatbots, virtual assistants and the like may mean fewer direct interactions between banks and consumers, fintech leaders say. But branches will become self-service destinations.

Amazon's checkout-free shopping model, currently in testing with employees, is a clear threat to the status quo for retailers. But does it also pose a risk for banks?

Amazon.com has set the standard for e-commerce with fast delivery, invisible payments and many other perks that keep consumers coming back to its site. Increasingly, the e-tailer has been experimenting with ways to streamline the payment process outside of the trappings of its website.

Both major brands are accelerating a move away from traditional checkout, and all retailers need to make adjustments for the future.

Already under fire from companies like Square, another outsider threatens to cut terminal makers out of the loop. It's up to device makers to adapt.

Amazon’s latest attempt to disrupt retail—a store that automatically handles the whole checkout and payment process via an app—is a concept that could have far-reaching effects as the millennial generation brings its digital expectations into the brick-and-mortar world.