Amazon Cash service aims to help people without bank accounts shop online

Posted at 8:31 AM, Apr 04, 2017
and last updated 2017-04-04 15:32:44-04

If you're all cash, all the time, Amazon doesn't want to miss out on your business. That's why a new effort is underway to make shopping online an easy option for everyone.

The company just introduced Amazon Cash. Think gift card, but on your phone - and less hassle.

Here's how it works:

Users request a personalized barcode. They can get it via text message or just generated online for printing.
They then take the barcode to participating stores nationwide - including big names like CVS Pharmacy and Speedway.

Cash paid to their Amazon balance at the store will automatically credit the money to the user account after a quick scan.

There is one barcode per user, so it eliminates the need to buy multiple gift cards.

Amazon says there are no fees, and users can put any amount from $15 up to $500 in a single transaction.

A report from the Federal Deposit Insurance Corporation estimates that in 2015, 7 percent of households in the U.S. were unbanked.

More details can be found here.