Amazon is a US-based multinational technology company, which is widely recognized for its e-commerce services in the different countries of the world. However, in recent years, the company has been paying strict attention to strengthen its financial services and make an entry into the financial industry. In fact, the company has introduced numerous finance-related products and platforms that are meant to take its retail business to newer heights of success.
Tracking Amazon’s actions, it has implemented and elevated many financial services that are Fintech born (Financial Technologies). While it is known that the tech giant has no intentions of becoming a commercial bank anytime soon, the main reason for its keen interest in the development of financial services is to enhance the user experience. The users of Amazon not only limits to the buyers that visit its web portals but also the merchants that use the platform to sell their goods.
Matthew Ledvina is the Managing Director of a London-based Fintech company who keeps himself up-to-date with the activities, trends, and advancements related to Fintech all over the globe. He is also among many professionals who are constantly following and observing Amazon’s moves that are likely to make huge contributions in the modern methods of financing.
Present Objectives of Amazon’s Financial Services
Talking about the financial services of the Amazon, they are specifically intended to make it convenient for customers to spend more time shopping and for sellers to increase their product sales. In addition, the services also aim to curtail disharmony that may arise between buyers and sellers while making payments. To realize such objectives, Amazon has already put in a lot of money in various global Fintech platforms and will possibly continue such investments in the near future. The online retailer is also making efforts to advance its relationships in many potential and emerging markets like that of Mexico and India.
Amazon Pay
In recent years, the tech giant has prioritized the development of its payment services and infrastructure to make online payments a hassle-free experience for its customers. After making regular investments and years of experimentation, it successfully developed its own payment platform, Amazon Pay in 2017. Moreover, through the years, the platform has seen numerous modifications to become a reliable payment processing service. Currently, the payment platform also offers a digital wallet feature, which allows customers to store money and pay directly for the purchased products.
Amazon Cash
The Amazon cash has been introduced to the customers in 2017. By using the service, customers can deposit cash in their Amazon Gift Card Balance by visiting a partner brick-and-mortar retailer. Amazon Cash is a highly appealing service for customers who are living in areas that lack banks and banking services.
Greenlight Financial
In December 2017, Amazon’s Alexa Fund has participated in the Series A funding for a company named as Greenlight Financial. The aim of the company is to bring innovative technologies that can enhance the online shopping experience of kids. Greenlight Financial works with the development of debit cards for children that parents can manage using an app. Parents can directly allocate funds to the debit cards of their kids and also set spending limits. The debit card company can assist Amazon in expanding its customer base by targeting young shoppers.
Amazon Lending
Amazon also offers a number of lending services to customers and small businesses. The online retailer has partnerships with numerous global and local banks through which it provides financing to small scale companies. For consumers, the tech giant offers a wide range of cards including Amazon Prime Store Card, Amazon Visa, and Amazon Reload. Additionally, some cards also have reward schemes that can benefit customers in a number of ways.
Amazon strategies and current financial services clearly demonstrate the company’s intention to use Fintech for its growth. Furthermore, some sources are giving a hint that the online retailer is planning to expand its financial services by making an entry into the insurance business.
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