Amazon sets sights on unbanked with Amazon Cash

07 April, 2017, 02:39 | Author: Essie Rivera
  • Amazon announced the launch of Amazon Cash a new service that allows customers to add funds to their online Amazon account by showing a barcode to a cashier at certain brick-and-mortar stores

The service acts as a sort of reverse ATM: Display your unique barcode at participating retailers to deposit cash into your Amazon account.

Let us help you understand it better. Customers can deposit money in amounts between $15 and $500 dollars, whereupon it will be accessible as credit on Amazon, just like a gift card.

Amazon Cash is available now.

To access the Amazon Cash service, firstly the user will need to have the official Amazon app installed on their smartphone. Once money has been added, Amazon will confirm receipt via email or text message.

On Monday, the company launched Amazon Cash, where users can add to their balance at a participating brick-and-mortar retailer. At any time, you can also view your Amazon Balance activity under Your Account. This is how Amazon Cash works. If you own an iPhone, you can then select "Add to Apple Wallet" to store that barcode in your digital wallet. The bar code is basically a link between the cashier and your account. Once a barcode is generated, it can be displayed from a cell phone or printed off and scanned at the cashier. Amazon Cash makes that possible.

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The advantage to Amazon Cash is that, as soon as you checkout at the register, the funds are available in the customer's Amazon account. Daily limits may vary by retailer.

Observers have compared this with the act of buying a gift card, although without the inconvenience of having to activate the card separately to unlock the funds on a specific account. Wal-Mart and its new Jet e-commerce operations are increasingly going head to head with Amazon, and the new cash program is poised to attract many core Wal-Mart shoppers.

If a customer does not receive a notification, Amazon says they should first discuss the issue with the retailer they visited.

How big of a difference maker the service will be remains to be seen, but considering the sheer size of the opportunity, Amazon would be remiss not to try.

Amazon is constantly breaking down the walls between online and offline retail, and this is one such step towards that. Amazon Cash solves a problem that doesn't really exist.

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