Announced yesterday, Amazon’s newest service called Amazon Cash allows you to add cash to your Amazon account. Amazon Cash works by scanning a reusable barcode at participating US locations to instantly add funds to your account. According to Amazon, the new Amazon Cash service is “simple, quick, and there are no fees.”
Currently, participating US retailers are: CVS Pharmacy, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG’s Grocery. Amazon says that more retailers will be added soon.
The barcode can be generated on the site or in the app and reused in any participating store. Once a barcode is generated, it can be displayed from a cell phone or printed off and scanned at the cashier. Amazon also made it easy to save the barcode for quick access on Android and iOS. Android users can save a shortcut to the home screen and iOS users can add the barcode to their digital wallet.
Amazon Cash allows you to add any amount between $15 and $500 in a single transaction without any fees. Once funds are loaded they are available immediately for use on Amazon or any of their services. Additional confirmations are available by push notifications via the app (if installed) or to a phone or email that is registered to the Amazon account.
Amazon Cash will be an additional option while also offering enticing benefits over gift cards and prepaid debit cards. This service would also appeal to those that do not have a bank account or would just prefer using cash for online purchases. A 2015 survey by the FDIC found that 9 million households do not use a bank. Also according to the survey, 24.5 million U.S. households are “underbanked”.
This new service will allow Amazon to better compete with Paypal and Walmart who both have similar services.
