Recently, Amazon , the online retailer has launched it’s new service called Amazon CASH. The facility is available to all the users. This service has been introduced to tap that target audience who wishes to buy online but cannot transact digitally. Also, some people does not likes to enter debit/credit card details on the internet while making purchases online.
Amazon Cash, the new payment service by Amazon, will also be beneficial for those users who are Unbanked or UnderBanked.
Federal Deposit Insurance Company (FDIC) did a survey and according to it’s reports, around 9 million people are unbanked which means they do not use banking services at all.
These unbanked people usually makes cash payment to purchase things, and Amazon Cash service by Amazon will truly be a winner for this kind of population.
Also Read : Now pay online through WhatsAPP
If a user has to use the Amazon Cash service, the user needs to simply log into their Amazon account in Amazon.com. Then the user needs to click on Amazon Cash and in their the user has to request for a barcode. This barcode will be unique to the users account. The user has an option to receive bar code as a text messge on their phone or simply, the user can take a print out of it. Barcode can also be requested through Amazon app.
After the barcode is received, the user needs to visit any participating retailer from where the user can recharge their Amazon Cash account. The retailer scans the barcode and recharges the amazon cash account. The account can be recharged upto $500 maximum and $15 minimum in one transaction.
To make it easier to understand, suppose you need to recharge your prepaid mobile balance. You go to a retailer and instructs them to recharge their account with an amount and you enter the Mobile Phone Number on which the recharge has to be done. Similarly, the barcode is like the mobile number which represents the account and the cash is recharged into that account through Barcode. Amazon won’t be charging any fess for the Amazon Cash service.
At present there are a few retailer within this Amazon Cash service network and it is likely that more retailers would be added to the network.The user can then make purchases on the Amazon and the amount will be deducted from the Amazon Cash balance. The user can again repeat the process to recharge it’s Amazon Cash account.
Well this is surely going to increase Amazon’s user base and sales, but Amazon Cash is not a new or innovative kind of service. There is already a similar kind of service by PayPal known as PayPal’s MY CASH CARD. Here also, a user can recharge their pay pal cash balance through barcode. Even Walmart too has an option of Pay Pal’s My Cash Card .
The world is shifting to become digital even in terms of payments. Internet Banking, Debit/Credit Card, Online Wallets and now these Amazon Cash kind of service is encouraging to become cashless and be digital for transparency.
Another digital payment option that is gaining huge popularity world wide is BITCOIN which is the first digital peer-to-peer crypto currency.
Read more about Bitcoins here.
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