There have been numerous discussions as to whether or not Amazon will ever accept cryptocurrencies such as Bitcoin and Litecoin. So far, the company is not even remotely inclined to do so. A recent survey by LendEDU shows that Amazon could easily become the go-to company for various financial services, including its own native currency and banking. It will be interesting to see if the e-commerce giant will ever explore these options moving forward.
AMAZON AND FINANCE SEEM LIKE A GOOD MIX
This particular survey conducted by LendEDU hints at an interesting future for Amazon in the world of financial services. Even though the company has its foot in virtually every market besides finance, there is no real reason to ignore the latter area. Even though the company has shown zero intention of doing so anytime soon, the survey shows that consumers would be willing to explore potential services offered by Amazon.
In fact, it seems a lot of customers are quite interested in seeing Amazon issue its own virtual currency. Although that would further diminish the chances of the company accepting established cryptocurrencies such as Bitcoin and Litecoin, one also has to acknowledge the chances of that ever happening are quite slim to begin with. It is evident Amazon could enable this option at any given time, yet it is not interested in doing so as of right now.
At the same time, Amazon has introduced a currency of its own, even though it can’t be used for much as of right now. The Amazon Coin is offered as a way to achieve discounts on specific purchases, but it is not an actual virtual currency as most people know them today. Instead, it is a cashback reward of some sort, and it remains to be seen if the company will ever decide to take things one step further.
It seems a fair few people would trust Amazon if it offered some form of a banking service. There is a minority of people who are against this idea, but it seems both regular consumers and Amazon Prime users are confident the company can bring some proper competition in this regard. Using such a service as one’s primary bank account is something only 44.5% of respondents would explore at this time, but it is still evident there is a bright future ahead for the company if it ever decides to pursue this option.
When it comes to offering lending services, the opinions are a bit more divided, which is only normal. It seems mortgages would not be in the company’s best interest, yet personal and auto loans could make quite a positive impact. It is pretty surprising that so many people are confident in giving Amazon even more power in terms of owning their personal information and providing services accordingly. From a privacy point of view, one company being able to access all of that information would not necessarily be a good thing.
For now, we will have to wait and see how Jeff Bezos decides to address the future of Amazon. Venturing into the financial sector or issuing a virtual currency is not something on the agenda as of right now, yet things may change sooner than people might think. The company is expanding quite rapidly and tapping into new markets on a quarterly basis. A jump into financial services appears to be only a matter of time.