Amazon Cash to allow customers to trade cash for online credit

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Amazon on Monday announced Amazon Cash, a service that will allow customers to forego using credit or debit cards, and add cast to their account balance at participating retailers.

Customers will be able to show cashiers in certain stores, including CVS Pharmacy and Speedway, a barcode associated with their Amazon account, which will allow the customer to pay cash to the cashier to add funds to their account balance on the electronic commerce’s website.

Customers can deposit from $15 to $500 into the Amazon account by trading in cash per transaction. Amazon said the funds will appear immediately and there is no fee to use Amazon Cash. Each customer receives one barcode for use with Amazon Cash associated with an Amazon account.

The service, which is already available, seems to target customers who use cash more than debit or credit cards, whether by lack of access to such cards or by preference — a service similar to PayPal’s My Cash Card.

“Amazon Cash lets you add cash to your Amazon balance at thousands of participating convenience, grocery and drug stores by purchasing and automatically claiming an Amazon.com Gift Card to your account,” Amazon said. “To use, visit a participating store, show the cashier your barcode to scan, and then pay the amount you want to add to your Amazon balance. It’s simple, quick, and there are no fees. Your Amazon balance can be used to shop for millions of eligible physical products and digital content.”

UPI