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Amazon and Coinstar partner for unbanked

Categories : Cash is efficient, Innovation contributes to the efficiency of cash
June 5, 2018
Tags : Innovation, Online payments, Unbanked, Underbanked, US
Amazon partners with Coinstar making online shopping more accessible for those without a bank account, a credit or debit card.
Communication Team / Equipo de Comunicación

This post is also available in: Spanish

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 cash. 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 coin 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.

This post is also available in: Spanish