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Amazon Cash

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Re: Amazon Cash

#171

Post by ams6110 »

int_19h wrote: post #160
nols wrote: post #145

Earlier quoted context omitted.

Credit unions have similar, maybe slightly lower, standards for opening accounts. They don't want to be stuck with overdrafts either.

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.

Re: Amazon Cash

#172

Post by djrogers »

clamprecht wrote: post #123

This seems like Starbucks' mobile payment system, but in reverse. At Starbucks, you spend at the local store, and fund your account using your credit card. With Amazon Cash, you fund your account at the local store, and spend it online.

You can actually refill your account in person with cash too, it's just that credit card reloads are more convenient for most people buying $7 caffeinated milkshakes (no judgement, I love me some frap)

Re: Amazon Cash

#173

Post by djrogers »

mrb wrote: post #119
pram wrote: post #45

Earlier quoted context omitted.

Amazon is not making a currency. Did you even click the link or read anything?

From a technical viewpoint, Amazon Cash is a private currency, pegged to the USD. The currency is spendable across multiple companies (Amazon, CVS Pharmacy®, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG's Grocery). Amazon can "issue" it by crediting Amazon Cash accounts. Etc. https://en.wikipedia.org/wiki/Private_currency

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

Re: Amazon Cash

#174

Post by hesarenu »

walrus01 wrote: post #95
tuna-piano wrote: post #70

I 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…

Credit Card is not a requirement for online payments at least in India. You can do direct bank transfer or debit cards.

Re: Amazon Cash

#176

Post by flukus »

maxsilver wrote: post #102
problems wrote: post #96

Earlier quoted context omitted.

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 wi…

Why do you need good credit to open a bank account?

Re: Amazon Cash

#177

Post by xbeta »

For those do not see a value in this idea - is because simply you are living in a bubble. Lots of places in this world do not take credit cards.

In fact, in the center of the tech bubble - SF and if you happen to visit some restaurants in Chinatown, they usually have a sign says "Cash Only". CC fees are so high (even if you don't think it's that much) that those shops rather not take any CC and save themselves from BS charges.

Please please please think, design, and build a product for a world that's not in the bubble. A simple tech integration can adds huge potential value.

Re: Amazon Cash

#178

Post by samstave »

mabbo wrote: post #67
samstave wrote: post #56

Earlier quoted context omitted.

Yep, such an interesting 'innovation' in fintech.... I wonder who will come from the woodwork to oppose this? Curious though; can you ELI5 who actually pays the interest? --- I met a banker the other day and I asked him simply "how does one actually found a bank" his reply; "Oh it's really simple, have $30,000,000 and you can create your own bank!" Simple!

> Curious though; can you ELI5 who actually pays the interest? ELI5: Lots of people have business ideas that can make money, but often they need to have a small pile of money in order to make more money. Let's imagine you are such a person. I lend you money to start your business, then your business makes lots of money, and you pay me back. That's a good deal for you, but not for me. Your business might not work out,…

DUDE.... +11 thank you what a wonderful explaination

Re: Amazon Cash

#179

Post by pronik »

If I'm not mistaken, this is exactly what barzahlen.de is doing in Germany. I'm not really clear on the reasons for such a thing existing in Germany, but if you want to buy online for cash, you can.

Re: Amazon Cash

#180

Post by asclepi »

rsucj wrote: post #54
mahyarm wrote: post #11

Why wouldnt you just buy a gift card with cash at these stores?

There's a ton of fraud with Amazon Gift Cards too. On sites like Paxful you can buy a $500 card for $250. Then people use the cards to buy other digital gift cards or items. It seems hard to stop.

T&C usually restrict using gift cards to purchase other gift cards (inter alia for the reason you mentioned) [1].

[1] https://www.amazon.com/gp/help/customer/display.html?nodeId=... (see under 2. Limitations.)

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