Many people mentioning countries like India and Indonesia here, but even in Germany (and specifically Berlin) Cash is very much King. Even for larger purchases. It's one of surprising things for many people visiting.
Amazon Cash
101–110 of 206 posts
Re: Amazon Cash
#102Earlier quoted context omitted.
First job I had out of college, when it came to payday, my boss handed me a paycheck with pay stub and I folded it up and put it in my pocket. He told me that I was supposed to sign the check and hand it back to him, and then he'd pay me cash for the face value of the check. He seemed incredulous that I didn't know that immediately; he asked me if I was a trust fund kid and if this was my first job. I told him, a lit…
I can understand a variety of cash usages over credit for fee savings, privacy and getting around transaction limits. But I can't understand why anyone would use a check cashing place. Can you not get a bank account for free in the US? Even my grocery store runs a free banking service here with no minimum - you lose out on some things like teller withdrawal, but they have ATMs everywhere and unlimited debit transacti…
> Can you not get a bank account for free in the US?
If you have good credit (which usually requires a well documented reliable income, and no outstanding unmaintained debt from say, a college education or medical condition), if have the $20 or so to spend to keep the account open and in good standing, if you have the time and patience to make sure you never accidentally overdraw or under-use (so as not to get hit with costly fees).
Then sure, a bank account is "free" in the US.
If any of the above doesn't apply to you, then you might have some troubles. And there are a lot of businesses that exist to take advantage of (typically poor) people who have had troubles with real banks.
Re: Amazon Cash
#103This seems inconvenient. You need to load cash into account before being able to spend it. How many online stores in card-deficient countries operate is that first you make the purchase, then you pay for it at some physical location (ATM, grocery store chains, etc.). Having to preload cash first allows for a situation where the price of items in your cart unexpectedly rises and you don't have enough money in the acco…
Seems to be somewhat common in Eastern Europe, where payment kiosks are located at many convenience stores. In a card-less society they're used for utility bills, mobile operator account top-up, settling government fees and fines, buying lotto tickets, etc. Amazon would be just another option on a kiosk like this https://i.ytimg.com/vi/qYEh0TtsW5c/maxresdefault.jpg
Yes, these things. After you make an order in an online store, you pay for it using a kiosk. But Amazon Cash requires you to have money on your Amazon account before you can make an order. Not a single online store in Russia works like this.
Re: Amazon Cash
#104Earlier quoted context omitted.
I will come out of the woodwork to oppose it :-) It is not really an innovation. This is basically private money that can only be used at a particular store. At the dawn of industrial revolution large mills used to pay their workers with "scrip" -- a private type of cash that could only be used in company-owned stores. The company basically double-dipped: first profiting from the labor of the workers, then profiting…
My initial reaction, formed directly after readin "Amazon Cash" was similar to yours. This doesn't seem to be the devil I thought it would be though, since it's more analogous to gift cards than private scrip, IMO. Now, if you can use "Amazon Cash" in lieu of currency by, say, transferring it to other users at will, I'm right there with you - proprietary, private money is very creepy to me.
If you know unbanked people this is just an extension of the normal practice of buying Amazon gift cards at grocery stores and then using them.
Honestly I think that's most of the reason why Ralphs sells Google Play/iTunes/Best Buy/Amazon gift cards. People buy them with cash and then use them for themselves.
Re: Amazon Cash
#105This is another round of the "Amazon vs Walmart" war. People without banks or credit cards currently shop at Walmart. Now it is much easier for them to shop at Amazon.
No, people without banks currently buy amazon gift cards and shop at amazon anyway. This is just saving them the effort of typing in the gift card code.
Re: Amazon Cash
#106I think many people here are missing the (probable) point of this. If you're wondering "who could use such a service?" - then this service probably isn't for you. 7% of US households are unbanked, and 20% are underbanked(1). Many people are paid in cash, or simply cash their checks at Walmart or a check cashing place. The money never touches a bank account, and they don't have a credit card. Paying for things with ca…
I can't help but think that there's an insidiousness behind the push to treat banking as if it's some a life fundamental. Banks are surely convenient, but they come with tradeoffs. It's plausible that some people choose to be "unbanked" or "underbanked" because they don't like the risk profile attached to banking, and sometimes that's a totally rational decision. If you don't have a bank account, you don't have to wo…
Having grown up in a lower-middle class neighborhood and lived among people who the OP was speaking about, I can assure you that they were not "unbanked" or "underbanked" because of any sort of risk profile attached to banking.
They didn't have checking accounts because they were generally unable to attain one.
Re: Amazon Cash
#107Isn't this also a way to "wire" funds to someone? Can't I give you my barcode, and you put cash in it?
Theoretically possible, but then the money is stuck in Amazon-land, right?
Re: Amazon Cash
#108Earlier quoted context omitted.
First job I had out of college, when it came to payday, my boss handed me a paycheck with pay stub and I folded it up and put it in my pocket. He told me that I was supposed to sign the check and hand it back to him, and then he'd pay me cash for the face value of the check. He seemed incredulous that I didn't know that immediately; he asked me if I was a trust fund kid and if this was my first job. I told him, a lit…
An interesting read I met the other day on check-cashing: http://www.businessinsider.com/check-cashing-stores-good-dea...
That's an interesting article, thanks for sharing it!
Re: Amazon Cash
#109I think many people here are missing the (probable) point of this. If you're wondering "who could use such a service?" - then this service probably isn't for you. 7% of US households are unbanked, and 20% are underbanked(1). Many people are paid in cash, or simply cash their checks at Walmart or a check cashing place. The money never touches a bank account, and they don't have a credit card. Paying for things with ca…
This is a huge deal for places like India, Pakistan, Nepal and Bangladesh where the vast majority of people do not have a bank account from which they can get a Visa or Mastercard. Probably 85%+ of the population. Those who do have basic bank accounts (we're talking about the bulk of the population whose monthly salary is less than the local currency equivalent of $400 USD) can't get credit cards or are unwilling/una…
BTW, Amazon India has had cash on delivery since ~2013 (except a time during their recent currency crisis). This is arguably more user-friendly than Amazon Cash.
http://www.zdnet.com/article/amazon-pilots-cash-on-delivery-...
Re: Amazon Cash
#110Edit: Pretty cool how it works the barcode, wonder how it is adopted. I remember using PayPal for the first time a few years back, where you used your phone number and at the time only Home Depot would have it. Buying those peanuts and ice tea.
But is there a fee? (Says no fee)
I made mistakes, can't get bank account right now. So I use pre-paid services or use PayPal accounts/Bitcoin (laughing on Bitcoin part, have yet to use it and don't have much of it).
Also use a card from my job, one of those types of cards that you get working at a factory or whatever.
It sucks when you have to pay a fee, like the PayPal Prepaid cards are pretty cool but you lose ~$5.00 a month.
I kinda wish that m-pesa thing was in the US. But why too, I seem to do more harm than good by spreading what money I have in various places.
Ahhh... read some more it's their money. Still, I wouldn't mind potentially having another place to store money. Even if it can only be used at Amazon.