There is another new consumer payment option available – Amazon Cash. The execution appears incredibly simple. Here’s how it works, from Amazon’s site:
Get a barcode via text message or print-at-home. Bring this barcode into any participating store and show it to the cashier to add cash to your Amazon Balance.
Then there is a big yellow button, “Get your barcode.” That’s it.
Currently participating retailers are: CVS, Speedway, Kum & Go, D&W Fresh Market, Sheetz, Family Fare Supermarkets, and VG’s Grocery.
At this time, the funds are available for use only to make purchases on Amazon.com. But I suspect this is a precursor to an Amazon payment product – like PayPal or Venmo – for payments to other merchants or individuals.
There is no doubt that consumers will eventually start to ask (if they haven’t already) whether they can make payments on their debts with one or more of these new forms of payment. Technology providers, creditors, collectors, and regulators would do well to work through the hurdles to making these options available.