Source: The Next Web

Amazon is called the online retailing giant in the e-commerce world not just for its sales and profits but also for the new features that it brings for the people and especially its consumers. The e-commerce giant announced the release of Amazon Cash in the United States recently.

Amazon releases Amazon Cash, here’s what it is about

Amazon Cash is a new service by the U.S.-based e-commerce giant that enables the consumers to add cash to their balance just by showing a barcode at a participating retailer. Next, the cash is applied to their online Amazon account. According to the e-commerce company, the service will support adding any amount between $15 and $500 in a single transaction.

Currently, according to reports, the new service will be at brick-and-mortar retailers across the country, including D&W Fresh Market, VG’s Grocery, Sheetz, Kum & Go, CVS Pharmacy, Speedway, and Family Fare Supermarkets. Soon other stores will be added as well. The Amazon Cash service is similar to PayPal. The PayPal My Cash Card service of PayPal allows users to add funds to their online PayPal account by using cash from their wallet. In addition to this, the service has a barcode-only service, powered by Green Dot.

TechCrunch reports, “Amazon Cash, just like PayPal, is meant to appeal to the same general demographic who may not yet be shopping online – those who get paid in cash, don’t have a bank account or debit card, and who don’t use credit cards.” Further, the tech site reports, “This “cash customer” (the unbanked or “underbanked) accounts for around 27 percent of consumers, said a 2015 report from the FDIC.”

How to access Amazon Cash barcode?

The new service will appeal to people who want to deposit some money to their account, without any issue. The merit of this new service is that the funds are available in the Amazon account of the customer as soon as they checkout at the register. Moreover, there are no fees, which cannot be said for all prepaid cards on the market.

But, the e-commerce company is not selling “Amazon Cash”-branded Gift Cards at stores currently, rather the consumers have to search for “amazon cash” in the Amazon mobile app or visit from mobile or web to access their Amazon Cash barcode. Further, the consumers can navigate to “Manage Gift Card” balance as well to find the Amazon Cash barcode.

An annual survey by the Federal Deposit Insurance Corporation shows that around 7% of US households don’t have bank accounts.