Amazon Coin or Bitcoin- Amazon’s Payment Future?

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Amazon.com, world’s largest e-commerce retailer is constantly diversifying and tapping into new markets outside of its core e-commerce business by introducing new services and products. This company has never failed in making its services convenient and comfortable for its customers. Primarily, it offers its customers with a large variety of payment options. However, Amazon is yet to allow people to pay through crypto-currencies.

With hype in the popularity and value of the crypto-currency industry, more and more people are investing in a range of digital currencies ranging from Bitcoin to Ethereum to Litecoin and more. The number of transactions taking place through crypto-currency is rising each day. Gradually, a fair percentage of people trading online are moving towards a trend of doing trade through crypto-currencies. Advantages for this type of trade range from the provision of privacy to direct business benefits. Amazon currently is in its prime position to allow people to make purchases through crypto-currencies as it is one of those e-commerce businesses with greatest website traffic and sales.

However, Amazon currently does not accept the digital currency. Though, there are rumors that the company might soon start trading through crypto-currencies. For instance, in 2013 the company bought a website domain name ‘amazonbitcoin.com’ which redirects visitors to the Amazon homepage. Furthermore, the company offers digital vouchers under its existing “Amazon Coins” program which consumers can use on products such as Kindle Fire apps and games and which can neither be resold nor transferred. Also, Amazon acquired three different domains relating to digital currencies on October 31, 2017. According to a report by Coin Telegraph, the names of the domains are amazonethereum.comamazoncryptocurrency.com and amazoncryptocurrencies.com.

What survey says?

Recently, a survey by LendEDU revealed that over half customers on Amazon.com would consider holding a cryptocurrency created by this e-commerce retailer. The sample size of this survey consists of 1000 Amazon.com shoppers. Key highlights from the survey are as follows

  • About 52% of shoppers supported the idea of an Amazon-created crypto-currency for their upcoming purchases while 58.3% of the Amazon Prime customers said that they would use the company’s digital currency. 26.4% of them were ‘unsure’ about it while about 22% marked no to this idea.
  • Almost half of them said yes for using savings account created by the e-commerce and cloud computing behemoth.
  • Approximately 45% marked yes for changing to Amazon as their primary account holder.
  • 17% indicated that they would have most trust in Amazon than a bank.
  • About 40% of them said that they would have about the same level of trust between any traditional financial institution and tech leader.

Conclusion

These findings clearly reveal that the company’s customers are not just waiting for Amazon to open to the crypto-currency market but for the company to introduce its own crypto-currency. One of the Amazon’s core principles is ‘Customer Obsession’. This means if customers raise a demand regarding any of the company’s services, Amazon makes sure it provides its customers with what they want. And soon, the company might also provide shoppers with a crypto-currency payment method.