After launching Amazon Cash in the US in April, in the UK in August and in Mexico in October, this cash-payment service for online purchases has now been extended to Canada. Partnering with the alternative payment provider Payment Source, the online shopping giant Amazon will now allow unbanked and underbanked Canadians to shop without owning a credit card. All they have to do is walk into one of 6,000 Canada Post locations across the country, scan the barcode they retrieved from their Amazon account, and pay with cash or debit to be directly added to their account.
“The benefits of ecommerce should not be restricted to Canadians with access to a credit card. Amazon Cash brings that online shopping experience to everyone” stated Payment Source CEO, Trevor Cook. Indeed, online shopping can often be a form of social exclusion especially considering that 34% of Canadians are under- or unbanked. Furthermore, it was found that almost two thirds of Canadian consumers abandon their online shopping carts when they find out that their preferred payment option is unavailable; so offering the option to pay cash will only expand the choices for checking out.
Adding cash as a key part of their business strategy is becoming a generalized trend. In fact, many other large corporations – even those with only an online presence – have been adopting cash payment options including Uber, Walmart and Paypal proving that there are large chunks of the world’s population – even in developed economies – that have little or no access to financial services.