Amazon announced earlier that it will expand its payment method based on barcodes, which is currently being implemented in 19 countries around the world.Amazon PayCode ServiceBring it back to the United States, allowing consumers in the United States to shop through Amazon's website services and complete payments in cash by using a barcode to go to 1 Western Union locations.
According to statistics from the Federal Reserve Bank of San Francisco in 2018, of the 77% of personal payment transactions, approximately 39% are still completed in cash. This shows that although credit card transactions have become quite popular, many people still prefer to pay in cash. Some of these factors are due to insufficient personal credit, the inability to apply for credit cards, or the habit of using cash transactions.
Therefore, in April this year, the United States began to implement theAmazon CashAmazon PayCode, a payment service that allows users to convert cash into virtual currency, enabling them to access Amazon's online services even without a card. The return of Amazon PayCode to the US market is expected to further integrate cardless transactions with Amazon's services, attracting more consumers to Amazon services and increasing their willingness to spend.
Currently, in the expansion of Amazon Cash service applications, Amazon has provided more than 10 cooperative locations across the United States, allowing users to transfer cash to the Amazon Balance digital wallet linked to their personal account through chain stores such as CVS, Speedway or Sheetz, or through online services, and then complete online transactions directly through the Amazon Balance service.
Compared to the Amazon Cash service, which requires users to first transfer cash to the Amazon Balance digital wallet, the Amazon PayCode service allows users to complete the initial transaction directly online and then complete the cash transaction through a Western Union location within 24 hours, thereby officially validating the transaction order. This will be more convenient for some consumers.
Bringing the Amazon PayCode service back to the United States is expected to complement the Amazon Cash service, thereby attracting more consumers to use Amazon services, such as shopping, using streaming video services, or using Amazon member-exclusive services.
On the other hand, Amazon also earlier partnered with consumer financial services company Synchrony Financial to provide a service called Amazon Credit Builder for those who are unable to successfully apply for a credit card due to insufficient credit. This service allows users to use the security card (Security Card) provided by this service and continue to accumulate credit through consumption on Amazon services, allowing users to apply for a credit card with sufficient credit.
