Here’s Why Amazon Cash Has Not Been A Successful Product
Have you ever heard of Amazon Cash? If so, have you ever used it? Exactly, me neither. For some of our readers this may be the first time they’ve actually heard of Amazon Cash. Amazon Cash allow unbanked Americans, and those who simply do not feel safe using their credit card on the retail giant website, an alternative option to shop on their platform. They way it works is the consumer visits a supported retail store and tells the cashier they would like Amazon Cash (some stores have the physical Amazon Cash cards). The consumer then tells the cashier the amount they want loaded and pay a fee. The consumer then receives a code to redeem the cash into their Amazon account and make purchases on Amazon without ever using a credit/debit or bank card. Amazon Cash is basically a reload pack like PayPal Cash.
Why Amazon Cash Has Not Been Able To Grow Their Users
Unlike PayPal Cash and other reload packs that ultimately allow consumers to move cash from one place to another Amazon cash only allow consumers to make purchases. Here’s what I mean by that. Lets use PayPal Cash as an example. PayPal Cash allows me to move my cash into my PayPal account. I still have the money to purchase items everywhere PayPal is accepted. I can even withdraw the cash from an ATM or move it into a bank account or a prepaid debit card (if my account is setup this way).
With Amazon Cash I am exchanging my cash into Amazon credits that can only be used to purchase items on Amazon. It’s important to note once I’ve made the transaction it cannot be refunded or reverse. It’s also important to remember that Amazon’s purchasing policy still applies. So If I wanted to buy food on Amazon I would have to be a Prime member and a Pantry Prime or Amazon Fresh member. For most consumers, especially the unbanked, being stuck on Amazon platform is not an ideal situation. Other reload packs, has the right idea. We, the consumers want to keep our money to spend freely. We just want to be able to move it from one place to another.