Most Shoppers Would Use Amazon Cryptocurrency

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Most Shoppers Would Use Amazon Cryptocurrency

According to a new LendEDU poll, more than half of Amazon.com Inc. (AMZN) consumers would consider accepting a cryptocurrency established by the online retail giant to purchase on its site. As the Seattle-based digital behemoth expands outside its main e-commerce platform, challenging conventional sector players in categories such as food, health care, and delivery, taking on the banking system may be a natural long-term move for the firm. (See also: Amazon’s market capitalization may surpass $1 trillion in a year.)

According to the firm, 52% of 1,000 Amazon consumers surveyed stated they would use an Amazon-created cryptocurrency for future transactions. Amazon Prime customers, who pay a monthly membership fee for privileges like quick, free delivery and special access to media content, were even more enthusiastic about the idea of a “Amazon-coin.” According to the LendEDU poll, 58.3% of Prime customers stated they would utilize a company-created digital money. About 22% of Amazon customers stated they would not consider using an Amazon currency, while 26.4% were “unsure.”

A Matter of Trust

In terms of the general public’s reaction to Amazon entering the banking market, over half of buyers stated they would use a savings account launched by the e-commerce and cloud computing juggernaut. Approximately 45% were willing to switch to Amazon as their main bank account. Only 14.9% of respondents said they were hesitant to register an Amazonsavings account, compared to 17% who said they would have more faith in Amazon than a bank and 38.3% who said they would have “about the same degree of trust” in both the tech company and a conventional financial institution.

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Amazon, which presently does not accept digital money, purchased the internet domain name Amazonbitcoin.com in 2013, redirecting users to the Amazon homepage. Amazon registered three virtual currency-related domain names last year in order to preserve its brand identification, according to the business. Amazon’s current “Amazon Coins” program provides digital coupons that cannot be resold or transferred and may be used on items such as Kindle Fire applications and games. (Also see: Why Amazon’s Stock Will Rise 15% Despite Grocery Price Wars.)

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