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Amazon Cash

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Re: Amazon Cash

#201

Post by int_19h »

ams6110 wrote: post #171
int_19h wrote: post #160

Earlier quoted context omitted.

I know that credit unions (and banks, for that matter) in my area don't require a high credit score to open an account - I was able to open two accounts - one in a credit union, another one in a bank - while having no credit score whatsoever after arriving to the country. The bank did actually run a credit check on me, and they told be that it basically came up as "no history", which to them is the same as not passed…

Not missing anything, just not dealing with Wells Fargo/Chase/BoA. Your experience with local credit unions is the same as mine. If you come in with $100 you can open an account.

The bank referenced above (the one that I was able to open an account for despite not having any credit history) is actually Wells Fargo. Although unlike the credit union, they do have minimum account balance (or account fees).

Anyway, getting back to the original question - if credit unions are indeed much more flexible wrt opening accounts, and not require account fees, why are there so many people without accounts? Is it because some areas simply don't have credit unions?

Re: Amazon Cash

#202

Post by OJFord »

gerad wrote: post #142
OJFord wrote: post #141

Earlier quoted context omitted.

More risky than with the products worth that cash?

Yes. Cash is fungible, has no transaction costs and negligible transportation costs.

Yes, that's a reasonable argument in its favour; I don't necessarily disagree. It's worth acknowledging though that not-cash has advantages (to a robber) in tax evasion/laundering.

Not-cash is probably harder to steal, but I'd have thought it preferable. (To a robber.)

Re: Amazon Cash

#203

Post by ethbro »

spangry wrote: post #187
ethbro wrote: post #154

Isn't this Amazon taking a page out of Jack Ma's playbook? Never stop vertically integrating. You have to outscale everyone if you want to leverage that into slimmer margins. https://techcrunch.com/2015/06/25/alibaba-digital-bank-myban...

If taken at face value, that's what their FAQ suggests. I'm partially reposting a comment I made above, since you seem to be the only other person here who is thinking along the same lines as I am. 2) Where can I use Amazon Cash? We have partnered with thousands of stores across the country, including CVS Pharmacy®, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG's Grocery with more ret…

That's one way of looking at it. And definitely a plausible move for Amazon for the reasons you outlined.

Especially if the long term strategic goal of Amazon lockers / physical points of presence is to morph into 711-style "80% of what you need in life". Which they could naturally have delivered to you within an hour.

An alternative thread, which I'll admit to cribbing from someone else's comment on the "Betterment" HN post, is that this is about the other side of the game (or even lower on the food chain): becoming a bank.

Assets under management affords the opportunity to do everything else. And it makes it impossible for anyone else to cut you out, once you scale to a "too big to ignore" size.

Amazon payments from Amazon accounts? Suddenly you're saving credit card fees + making interest on balances. Which you can roll into being that much cheaper than Walmart.

If you get assets stored under your control, that's the ultimate vertical integration.

Re: Amazon Cash

#204

Post by spangry »

ethbro wrote: post #203
spangry wrote: post #187

Earlier quoted context omitted.

If taken at face value, that's what their FAQ suggests. I'm partially reposting a comment I made above, since you seem to be the only other person here who is thinking along the same lines as I am. 2) Where can I use Amazon Cash? We have partnered with thousands of stores across the country, including CVS Pharmacy®, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG's Grocery with more ret…

That's one way of looking at it. And definitely a plausible move for Amazon for the reasons you outlined. Especially if the long term strategic goal of Amazon lockers / physical points of presence is to morph into 711-style "80% of what you need in life". Which they could naturally have delivered to you within an hour. An alternative thread, which I'll admit to cribbing from someone else's comment on the "Betterment"…

Agreed. Though the crazy thing is that they can do both simultaneously. If this is what they intend, it's a brilliant move on Amazon's part. It may very well be that in the not too distant future we'll all be using Amazon bucks in the Amazon company town (the entire world?)

OK that might be a bit too sci-fi. Still, interesting to think about....

Re: Amazon Cash

#205

Post by djrogers »

mrb wrote: post #196
djrogers wrote: post #173

Earlier quoted context omitted.

No, this is not a private currency - Amazon is not issuing currency, you are depositing US dollars into an account.

You are wrong. Think about it. Tell me what distinguishes Amazon Cash from a private currency.

It represents literal $USD 100% of the time.

Re: Amazon Cash

#206

Post by jaxn »

douche wrote: post #167
jaxn wrote: post #166

Earlier quoted context omitted.

The joblessness created by in coming automation boom is going to result in a huge increase in the gray market economy. Amazon gift cards already play a big part, and this is the next step.

To be honest, I've seen an enormous increase in the number of jobs on offer. This is southern NH, in the $10-$15 per hour range. I'll admit, I'm originally po' white trash, but I consider that pretty good wages for a cushy non-labor job at Micky Ds or Dunky Donuts.

Yeah, there will be an increase in the short term. But as labor prices are being driven up, automation becomes more cost effective.

The fastest way to ensure those jobs disappear would be a $15 minimum wage.

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