Amazon and Coinstar partner for unbanked
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Starting 2017, Amazon identified the need to expand its offer to the un- and underbanked population of the world by launching Amazon Cash. This service requires consumers to go to partnering retailers such as CVS Pharmacy, have the merchant scan a unique QR code and settle the desired amount in cashMoney in physical form such as banknotes and coins. More. The paid sum then appears in the customer’s Amazon balance.
Thanks to a new partnership with Coinstar, Amazon customers will simply need to associate their phone number to their Amazon account, go to a Coinstar self-service coinA coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More counting machine and insert the bills that they want to add to their balance. This greatly simplifies the process for cash-loving consumers while also offering a larger selection of locations where to top one’s balance.
In a press release, Coinstar CEO Jim Gaherity stated, “Coinstar is proud to enable Amazon Cash at Coinstar kiosks for cash-preferring customers, who can now enjoy the same benefits of shopping online as any other customer. Best of all, there are no fees to use the service.”
There are roughly 30 million US consumers that are un- or underbanked with no access to credit or debit cards. This makes online shopping practically impossible, but it can also cause difficulties for settling one’s utility bills. To facilitate bill-paying for this segment of the population, Coinstar partnered with startup Doxo in April this year offering 24/7 access to Coinstar kiosks where people pay at their convenience.
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