Is there anything that Amazon is afraid to try ? Clearly Not.
So in Mexico, where ID theft, Fraud, and cash-paid employees are rightfully weary to punch in a CC #, Amazon embarks to settle these rightful nerves of Mexican consumers by allowing cash deposits into the subscribers gift-card balance. This incentive is likely going to accomplish two of the most obvious goals of Amazon’s:
1) gain more consumers
2) take more market-share
As of today, Amazon finds itself in 3rd place behind Walmex or MercadoLibre in terms of South American e-commerce sales, but as Amazon acts as Amazons does, it’s clear that there are not satisfied finishing this year in 3rd place. I’m wondering if this new cash deposit service will go as planned to really spur its growth in the country?
I don’t know if I would at this point, so I wonder if YOU would you deposit your cash money into your Amazon Account balance for future purchases?
I mean, of course it will alleviate the Credit card fears but still, Amazon hasn’t recruited for their ‘bank-division’…..yet. As far as I know, they haven’t hired titled investment guru’s, financial analysts, tellers, or true bankers, so how can they just decide to act as a bank, without saying they are, and collect people’s hard earned cash?
All of that said, I still wouldn’t doubt their ability to get this division started.