Amazon & Cryptos: Seeking to Service the Unbanked
The amount of increasing reports from sources stating that Amazon is researching a checking account like product to offer customers are growing. They are currently in talks with major financial institutions to create a account like product to help clients that have no debit or credit cards. These unbanked clients, which exceed 2 billion people worldwide, currently face difficulty to join the Amazon suite of services like Prime.
Sound familiar? Yes! Many cryptocurrencies have also states one of their fundamental reasons of existence is to provide technology for the unbanked of the world. This population is in dire need for a micro payment system, not only to make purchases but also to transfer funds to family and friends. This news should continue the interest in the potential adoption of the asset class.
Everything continues to point to the eventul adoption by Amazon of cryptocurrencies. They have registered crypto related websites like amazonbitcoin.com and others. Recent surveys of both regular and Prime customers demonstrate the willingness of more than half to use an Amazon coin to make purchases on their website (check my previous post: https://steemit.com/amazon/@newageinv/survey-demonstrates-interest-in-potential-amazon-com-cryptocurrency).
So what do you think is holding them back to pulling the trigger? The reality may be that none of the current assets available would have the scalability to manage the volume. Also, how will transaction fees compare to the traditional system? Lastly, will the huge financial institutions allow such a push against their interests?
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