Seattle-based Amazon Payments, the online payments arm of Amazon.com, said today that it has launched a new service called Amazon PayPhrase, which allows customers to create their own, phrase and PIN for paying for purchases on the web. According to Amazon, the new service provides a shortcut to paying for items on Amazon.com and other websites without sharing their payment information with other websites. Amazon explained that all websites currently accepting Checkout by Amazon can now use the PayPhrase checkout option.