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I had to check that this wasn't posted on April 1. this is a form of scrip[0] as far as I can tell. I can't imagine anyone who isn't an indentured servant find

I had to check that this wasn't posted on April 1. this is a form of scrip[0] as far as I can tell. I can't imagine anyone who isn't an indentured servant finding this to be something they want in their life. [0] - https://en.wikipedia.org/wiki/Scrip https://en.wikipedia.org/wiki/Scrip

sailfast 10y ago
There is a EDIT: significant portion [0] of the population of the united states that is unbanked or underbanked and not able or willing to obtain credit cards. This goes a long way into opening up a new market segment and/or allowing for cash to be used to pay for goods generally as local retailers may not carry the same diversity of products. [0]https://www.fdic.gov/householdsurvey/ https://www.fdic.gov/householdsurvey/
- metaphorm 10y ago
  prepaid cash/debit cards already exist though. Amazon wants to be in that market too?
  - Nexxxeh 10y ago
    Do they not have fees attached in the US? In the UK, pre-paid cards are relatively expensive. £25 card usually costs £27+ and then there are potentially extra fees on top. I could definitely see people using this.
    - metaphorm 10y ago
      I'm not an expert on this market by any means, but I just checked what my own retail bank (Bank of America) offers [0]. It looks like there is no fee for putting money on the card and no fee for normal point of sale transactions (presumably including internet transaction). There are ways to get hit with fees while using this card, but it is also possible to use this to buy things on Amazon with no additional fees at all. [0] - https://prepaid.bankofamerica.com/CashPay/Home/Index?m=1 https://prepaid.bankofamerica.com/CashPay/Home/Index?m=1
      - Nexxxeh 10y ago
        Oh, I meant the prepaid cash-like Visa or Mastercard cards that you can pick up in supermarkets. Not a debit card from a bank.
  - sailfast 10y ago
    There are a number of fees that can be attached to these cards that eat into the initial deposit. https://www.consumerfinance.gov/consumer-tools/prepaid-cards/understand-fees/ https://www.consumerfinance.gov/consumer-tools/prepaid-cards... Additional hypothesis: could be they also get the normal network fees waived for increasing foot traffic to the retail outlets?
rblatz 10y ago
This is basically amazon gift cards, but instead of typing in the code on the back after purchasing they are automatically added to your account at the time of purchase. Additionally this isn't aimed at people that have credit/debit cards. This is for people that are using cash for nearly everything. They take their paycheck to a check cashing place, and pay all their bills with cash, cashiers checks, or money orders. Currently the only way for them to shop on amazon is to buy gift cards at a local store for cash then add them to their account. This cuts out extra garbage and an extra step.
- joezydeco 10y ago
  What about kids under 18 that can't have a credit card, and parents don't want them having access to the parents' primary checking or debit card?
  - rblatz 10y ago
    That too, but I also know that amazon family is a thing and wasn't sure if they have a way or parents to approve purchases or set spending limits.
    - joezydeco 10y ago
      But Amazon Cash is about spending money outside of Amazon. I'm not sure how Amazon Family can help Junior buy a coke at the local Sheetz convenience store.
      - rblatz 10y ago
        You may want to reread the announcement. I came away with the exact opposite impression. It allows you to spend cash on amazon, not amazon credit at the store.

sailfast 10y ago

There is a EDIT: significant portion [0] of the population of the united states that is unbanked or underbanked and not able or willing to obtain credit cards. This goes a long way into opening up a new market segment and/or allowing for cash to be used to pay for goods generally as local retailers may not carry the same diversity of products. [0]https://www.fdic.gov/householdsurvey/ https://www.fdic.gov/householdsurvey/

metaphorm 10y ago
prepaid cash/debit cards already exist though. Amazon wants to be in that market too?
- Nexxxeh 10y ago
  Do they not have fees attached in the US? In the UK, pre-paid cards are relatively expensive. £25 card usually costs £27+ and then there are potentially extra fees on top. I could definitely see people using this.
  - metaphorm 10y ago
    I'm not an expert on this market by any means, but I just checked what my own retail bank (Bank of America) offers [0]. It looks like there is no fee for putting money on the card and no fee for normal point of sale transactions (presumably including internet transaction). There are ways to get hit with fees while using this card, but it is also possible to use this to buy things on Amazon with no additional fees at all. [0] - https://prepaid.bankofamerica.com/CashPay/Home/Index?m=1 https://prepaid.bankofamerica.com/CashPay/Home/Index?m=1
    - Nexxxeh 10y ago
      Oh, I meant the prepaid cash-like Visa or Mastercard cards that you can pick up in supermarkets. Not a debit card from a bank.
- sailfast 10y ago
  There are a number of fees that can be attached to these cards that eat into the initial deposit. https://www.consumerfinance.gov/consumer-tools/prepaid-cards/understand-fees/ https://www.consumerfinance.gov/consumer-tools/prepaid-cards... Additional hypothesis: could be they also get the normal network fees waived for increasing foot traffic to the retail outlets?

rblatz 10y ago

This is basically amazon gift cards, but instead of typing in the code on the back after purchasing they are automatically added to your account at the time of purchase. Additionally this isn't aimed at people that have credit/debit cards. This is for people that are using cash for nearly everything. They take their paycheck to a check cashing place, and pay all their bills with cash, cashiers checks, or money orders. Currently the only way for them to shop on amazon is to buy gift cards at a local store for cash then add them to their account. This cuts out extra garbage and an extra step.

joezydeco 10y ago
What about kids under 18 that can't have a credit card, and parents don't want them having access to the parents' primary checking or debit card?
- rblatz 10y ago
  That too, but I also know that amazon family is a thing and wasn't sure if they have a way or parents to approve purchases or set spending limits.
  - joezydeco 10y ago
    But Amazon Cash is about spending money outside of Amazon. I'm not sure how Amazon Family can help Junior buy a coke at the local Sheetz convenience store.
    - rblatz 10y ago
      You may want to reread the announcement. I came away with the exact opposite impression. It allows you to spend cash on amazon, not amazon credit at the store.