SEATTLE—Amazon has introduced a new service aimed at allowing new customers who traditionally may not have access to its platform—largely the underbanked—to shop on its platform.
Called Amazon Cash, the service lets people add money to their Amazon.com balance by showing a barcode at many brick-and-mortar retailers. Amazon Cash will support adding any amount between $15 and $500 in a single transaction, StockNews.com reported.
Retailers that have signed onto the service include CVS, Speedway, Sheetz and others, with several other chains set to join the program in the near future, the website stated.
“The service is strikingly similar to Paypal’s Paypal My Cash card, which allows users to add funds to their Paypal balance by using cash from their wallet,” StockNews,com said.
Like PayPal’s offering, Amazon Cash is also meant to appeal to the same general demographic who may not yet be shopping online – those who get paid in cash, don’t have a bank account or debit card, and who don’t use credit cards. This “cash customer” accounts for around 27% of consumers, said a 2015 report from the FDIC, StockNews.com said.