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Amazon.com, Inc. Launches Amazon Cash For The Unbanked And Underbanked

Amazon.com, Inc. Launches Amazon Cash For The Unbanked And Underbanked

Amazon has launched a new way for customers to shop its site without using a bank card or credit card.

The e-commerce giant on Monday introduced a service called Amazon Cash, which lets people instantly add money to their Amazon accounts when visiting more than 10,000 retail locations, including CVS and Sheetz.

Before now, it's been hard to transfer cash directly into your Amazon account.

Amazon Cash will be available at brick-and-mortar retailers across the USA, including CVS Pharmacy, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG's Grocery. It is also possible to add the same to the Wallet app on iOS and as a homescreen shortcut on Android. Amazon is building Go, an experimental store that doesn't require a checkout, instead using in-store sensors to charge a user's Amazon account for in-store shopping.

Amazon.com, Inc. (NASDAQ:AMZN) just unveiled a new service aimed at allowing new customers to shop on their platform who traditionally may not have had access to it. Yes, you can only add an amount between $15 and $500 in a single Amazon Cash transaction. -- Does Amazon Cash cost anything to use?

"Amazon's service is open to anyone who has a mobile phone", said Richard Crone, a payments consultant, adding the system adds authentication via the phone credentials, the Amazon log in and the consumer showing his or her phone at the retailer.

Money added via Amazon Cash is available as soon as you checkout at the register - you'll be alerted with an email, text, and push notification.

The Amazon Cash service is now being rolled out only in the United States.

First, users need to go to Amazon.com, log into their accounts, and go to the Amazon Cash page.

"Estimates from the FDIC 2015 survey indicate that 7.0 percent of households in the United States were unbanked in 2015".

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