Having acknowledged that an important chunk of the UK population is either unbanked or underbanked (with no access to a bank account for the former and to credit cards for the latter), Amazon is now accepting cashMoney in physical form such as banknotes and coins. More for online purchases via its Amazon Top Up service.
After receiving an automatically generated 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, consumers can go to any UK PayPoint (which includes convenience stores and gas stations across the country), scan the barcode and pay in cash to upload 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 to their Amazon account.
This service has already been made available by Amazon in the US this past April for the 27% of Americans that are unbanked, and is known as Amazon Cash.
According to the UK’s Financial Conduct Authority, there are 1.5 million people that are unbanked in the UK, but the number of underbanked is estimated as being much higher.
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