Amazon currently supports conventional payment methods like Visa, Mastercard, American Express, JCB, Discover and Gift Cards. However, many shoppers on the world’s largest marketplace say they would use an Amazon cryptocurrency if the site created one.
According to a survey cited by Forbes, more than half of all Prime members said they would use a cryptocurrency created by Amazon to purchase products on the company’s website. Conducted by the student loan financing firm LendEDU, the survey found that 57.1 percent of shoppers are open to the idea of purchasing products or services on the site using a newly created cryptocurrency. In comparison, only 21.9 percent of Amazon shoppers surveyed said they would not use an Amazon-created cryptocurrency while 26.4 percent said were indifferent towards its use.
While Amazon hasn’t announced any official plans to create or support cryptocurrency payments, some experts believe this is a very real possibility. In September 2017, rumors emerged that Amazon would support Bitcoin payments. Of course, Bitcoin is an existing cryptocurrency — the largest and most popular of its type — and not a new cryptocurrency. The survey cited above specifically involves shoppers’ views towards a new cryptocurrency created by Amazon.
This wouldn’t be the first time a major company has launched its own cryptocurrency. According to TechCrunch, the ride-hailing company Uber is developing a new cryptocurrency. Known as Eco, Uber co-founder Garret Camp says that 1 trillion units will be initially created, half of which will be distributed to the first 1 billion people who sign up for the program. An additional 20 percent will be donated to universities; and 10 percent will be distributed to Uber’s partners, advisers and allocated for the development of a new foundation to handle the cryptocurrency.
Earlier this year, Kodak followed through on plans to develop its own cryptocurrency by launching KodakCoin. Designed specifically for professional photographers, KodakCoin creates ledgers of ownership rights so that photographers can easily register their work. Following news of KodakCoin’s launch, the company’s stock value increased by 60 percent, signaling optimism among investors.
How could a new Amazon-created cryptocurrency benefit shoppers? Being that cryptocurrency is still a relatively new concept, there’s no way to tell exactly how it will affect shoppers until it’s used. However, experts believe that a new cryptocurrency could streamline payments for shoppers while also protecting against fraudulent transactions.
Dil Bole Oberoi
