An online shopping giant's return to cash

Dec. 18, 2017 Share Source

E-commerce giant Amazon began accepting cash in Mexico on October 24th, 2017 in order to reach people who "would use this as their primary form of payment," according to Amazon Mexico's Product Manager. 

In a country where cash dominates, from tips to the retail sector, consumers in Mexico are now able to deposit between 100 pesos ($5.20) and 5,000 pesos per transaction at several convenience store chains throughout Mexico, including 7-Eleven, placing up to 10,000 pesos a day into Amazon accounts online.'

Afterall, cash is still the payment method of choice for daily transactions for a large number of people, both in developing and in industrialised countries...Continue reading.

Excerpt from Reuters article by Daina Beth Solomon

The cash service aims to attract new customers and give existing shoppers an alternative to credit and debit cards, said Fernando Ramirez, product manager for Amazon Mexico.

“I think there could be a population of new clients that would use this as their primary form of payment,”
" Fernando Ramirez Product manager Amazon Mexico

Although Amazon has accepted cash on delivery in India since launching there in 2013, pre-paying cash is a relatively new concept that the company launched for the first time in the United States in April, followed by Britain in August.

Banorte analyst Valentin Mendoza said Amazon’s cash strategy showed it recognizes the challenge of attracting customers in a culture that has resisted online shopping...

Read full article here

Source

SolomonDaina Beth. "Amazon launches cash payments in Mexico to lure shoppers online". Edited by Dave Graham and David Gregorio Technology News. Reuters. Electronically published October 24, 2017. Accessed December 18, 2017.

Last Updated: Dec. 18, 2017