Amazon recently launched “Amazon Cash
”, a service that allows customers to load cashMoney in physical form such as banknotes and coins. More
on their online account instead of linking it to a bank card. With this new offer, Amazon aims to give access to its services to people who do not own a bank account or are not used to digital payments. According to the Federal Deposit Insurance Corporation (FDIC), about 27% of Americans are unbanked.
Amazon Cash will be available at various retailers across the US including CVS Pharmacy, Speedway and Family Fare Supermarkets. To load moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More
on their account, customers simply need to show a barcodeMethod for encoding information, which can be read by machines. Barcodes store information using a combination of printed parallel lines (bars) and in the spaces that are left between them. Reading stored data is performed using optical readers. More
to the cashierInitially, the person who is responsible for the safe, its opening and closing, and the contents that are safeguarded inside it. Nowadays, at a central bank, the person who is responsible for matters related to the treasury and cash. Their signature would usually appear alongside others on the banknotes issued by the bank. More
– printed or in their smartphone – and choose the amount they want to add. Up to $500 can be charged at a time. The uploaded funds are available for online purchases instantly, without a fee.
Amazon’s cash option is already applied by PayPal and Walmart, which also offer customers a similar barcode system to settle payments. Beyond shopping, PayNearMe
gives unbanked citizens the opportunity to pay their bills with cash at local retailers.
According to a survey carried out by The Nielsen Company, in 2015, 36% of online shoppers used cash on delivery to make purchases within six months of the survey. Cash on delivery is an even more popular choice in India (83%) and many other markets, including Nigeria (76%), the Philippines (73%), Russia (70%), United Arab Emirates (68%), Saudi Arabia (59%), Colombia (57%), Poland (57%) and Thailand (56%). The figure is lowest in North America, at only 11%, however that is enough for Walmart to accept cash for online orders.