Amazon launching PayPal competitor

Amazon launched new features on Monday for a service known as Amazon Payments to compete with online payment services like PayPal, according to CNNMoney.

The new features will allow the company's 244 million active accounts to pay recurring charges like monthly subscription fees or phone bills using their Amazon log-in details.

Last month, PayPal launched a new marketing effort promoting its capabilities in mobile payments and money transfers.

PayPal has roughly 148 million active accounts.

The launch comes ahead of an event scheduled for June 18 where Amazon is expected to unveil a 3-D smartphone, according to CNNMoney.

Read more from CNNMoney.