Amazon Cash is the latest payment method and feature supported by Amazon and was designed for the under- and unbanked. Consumers can request a barcode that is linked to their Amazon account, and when checking-out at a partner retail store location the customer can add between $15 and $500, using cash, which will become stored credit on their Amazon account. Amazon Cash was announced on April 3rd and is now available in the United States.
This new payment method immediately becomes a new option for U.S. Amazon customers. According to the FDIC, 7 percent of U.S. households were unbanked in 2015, while an additional 20 percent were considered underbanked. Amazon Cash provides a more direct way for these consumers, 27 percent of U.S. households, to make purchases with the online retailer.