Amazon Payments a subsidiary of Amazon.com, today introduced Amazon PayPhrase. With Amazon PayPhrase, online shoppers simply choose their own customized phrase — such as "Knick Knack," "Home Sweet Home," or "I Love I4U News" — and then enter that phrase along with a PIN to quickly preview their order and complete their purchase.

PayPhrase allows Amazon.com customers to checkout across the web with their preferred payment and shipping methods stored at Amazon.com, but without having to share sensitive payment information with multiple websites. All websites accepting Checkout by Amazon, including DKNY, Jockey, Patagonia, Buy.com, J&R Electronics, and Car Toys, will be offering PayPhrase as a checkout option.

More details on the Amazon PayPhrase site, where you can also create your PayPhrase.

Whether or not the Phrase makes paying online easier is a matter of taste I think. You still need a PIN.