pay amazon credit card phone number

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Pay amazon credit card phone number -

Amazon Pay

Amazon Pay is an online payments processing service owned by Amazon. Launched in 2007,[1] Amazon Pay uses the consumer base of Amazon.com and focuses on giving users the option to pay with their Amazon accounts on external merchant websites. As of March 2021, the service is available in Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, Republic of Ireland, Italy, Japan, Luxembourg, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the United States.

Amazon Pay announced a partnership with Worldpay in 2019 allowing Worldpay clients to enable Amazon Pay as a part of the same integration.[2][3][4]

Products[edit]

Amazon Pay incorporates a variety of products for buyers and merchants to process online payments.

Amazon Pay[edit]

Amazon Pay provides the option to purchase goods and services from websites and mobile apps using the addresses and payment methods stored in the Amazon account, such as credit cards or a direct debit bank account or the Unified Payments Interface (UPI) in India.[5]

Amazon Pay Express[edit]

Amazon Pay Express is a payments processing service for simple e-commerce use cases on websites. Built on Amazon Pay but without requiring a full e-commerce integration,[6] it can be used to create a button that can be copied and pasted onto a website or added via a WordPress plug-in.[7] It is best suited for merchants selling a small number of products with a single item in each order, such as a digital download.

Evolution[edit]

Amazon Pay has undergone many changes in its evolution to improve the online payments processing for Amazon customers on external websites. While Amazon Pay is the most recent product, it represents the culmination of previous trial and error products, and strategic acquisitions.

Checkout by Amazon (CBA)[edit]

Checkout by Amazon (CBA) was an e-commerce solution that allowed web merchants to accept Amazon account information and use Amazon for payment processing. CBA could manage several aspects of the transaction including order processing, promotional discounts, shipping rates, sales tax calculation, and up-selling. Depending on the needs of the merchant, CBA could be integrated into the merchant's systems with manual processing (through Seller Central) or through SOAP APIs or downloadable CSV files. CBA also claimed to reduce bad debt because of Amazon's fraud detection capabilities. CBA was discontinued in the UK and Germany in 2016 and in the US in April 2017.[8]

Amazon Flexible Payments Service (FPS)[edit]

Flexible Payments Service (FPS) was an Amazon Web Service that allowed the transfer of money between two entities using a technology built on single, multiple, and unlimited use payment tokens. Merchants managed their use of the service via API or solution providers and accessed the account through a merchant account on the Amazon Payments website. The service was launched as a limited beta in August 2007, and later in February 2009 was promoted to General Availability. FPS differed from CBA in that FPS did not handle additional capabilities associated with order processing such as promotions, tax, and shipping. FPS also provided the payments processing for the Amazon Web Services DevPay service (https://aws.amazon.com/blogs/aws/make-money-fast/) but was discontinued in June 2015.

GoPago technology acquisition[edit]

Amazon in 2013 acquired GoPago's technology (mPayment) and hired their engineering and product teams.[9] Amazon was interested in the mobile payment business. GoPago's app allows shoppers to order and pay for goods and services before they arrive at a business.

Pay with Alexa[edit]

In 2020, Amazon enabled Alexa users to pay for gas by talking to Alexa.[10]

Security[edit]

In September 22, 2010, Amazon published a security advisory [11] regarding a security flaw in its Amazon Payments SDKs. This flaw allows a malicious shopper to shop for free in web stores using those SDKs. Amazon mandated all web stores to upgrade to its new SDKs before Nov. 1, 2010. Amazon acknowledged security researcher Rui Wang for finding this bug. The detail of the flaw is documented in the paper "How to Shop for Free Online - Security Analysis of Cashier-as-a-Service Based Web Stores" by Rui Wang, Shuo Chen, XiaoFeng Wang, and Shaz Qadeer.[12]

See also[edit]

References[edit]

External links[edit]

Источник: https://en.wikipedia.org/wiki/Amazon_Pay

Scammers are calling people and using the names of two companies everyone knows, Apple and Amazon, to rip people off. Here’s what you need to know about these calls.

In one version of the scam, you get a call and a recorded message that says it’s Amazon. The message says there’s something wrong with your account. It could be a suspicious purchase, a lost package, or an order they can’t fulfill.

In another twist on the scam, you get a recorded message that says there’s been suspicious activity in your Apple iCloud account. In fact, they say your account may have been breached.

In both scenarios, the scammers say you can conveniently press 1 to speak with someone (how nice of them!). Or they give you a phone number to call. Don’t do either. It’s a scam. They’re trying to steal your personal information, like your account password or your credit card number.

If you get an unexpected call or message about a problem with any of your accounts, hang up.

  • Do not press 1 to speak with customer support
  • Do not call a phone number they gave you
  • Do not give out your personal information

If you think there may actually be a problem with one of your accounts, contact the company using a phone number or website you know is real.

Read our article to learn how to block unwanted calls on a mobile phone or on your home phone. And if you do get a call you think is a scam, report it at ReportFraud.ftc.gov.

Scam Tags: Phone Scams

Источник: https://www.consumer.ftc.gov/blog/2020/12/fake-calls-apple-and-amazon-support-what-you-need-know

Contact Amazon Customer Service Easily

You can get a hold of Amazon at 1-888-280-4331. When contacting Amazon support, instead of navigating a complicated phone tree, use DoNotPay. The app will not only call the company for you but will also notify you when it reaches a live person, so you don't have to wait on hold. Access DoNotPay through any web browser.

Amazon support hotlines

Many people prefer contacting customer support by phone because it gives you a chance to solve your problem immediately. Often, Amazon will put your number in the queue and will call back as soon as one of their agents is free. The best number at which to reach Amazon for support is 1-888-280-4331. It is toll-free.

Learn how to skip the phone queue for ANY company in 45 seconds:

You can also call 1-206-922-0880. This is the international number, and charges may apply. Alternatively, you can try their corporate office number at 1-206-266-1000.

Toll-free NumberInternational NumberCorporate Office Number
1-888-280-43311-206-922-08801-206-266-1000

Skip the long phone queues with the help of DoNotPay! Access DoNotPay through any web browser.

Contacting Amazon by email

customer

If you prefer contacting Amazon by email, send your message to [email protected]. It might take them a long time to reply, so emailing is best for non-urgent problems.

Amazon is one of the largest companies in the world. In 2015, it became the world's largest retailer. Amazon is focused on e-commerce and digital streaming. It dominates the field of e-commerce. Unfortunately, when you're contacting a company this big, you can expect to wait on hold for a while.

Customers who contact support often inquire about:

  • Tracking, changing, or canceling an order
  • Returning or exchanging items
  • Account settings
  • Payment options
  • Device support

Are you having trouble reaching Amazon customer service? Skip the long phone queues with the help of DoNotPay! Access DoNotPay through any web browser.

How to get help from Amazon customer support online

Here is the step by step process that you can follow to resolve your issue.

  1. Visit the Amazon website on your browser. 
  2. In the upper right corner, click the button made of three horizontal parallel lines next to the Amazon logo.
  3. A menu will open. At the very bottom, just before the "Sign in" link, there is a "Help" button. Click it. 
  4. You will see six icons representing common issues for which customers usually ask for help. You will see a search bar underneath the choices to use in case you can't find your problem among the ones listed. Below the search bar, there are other "help topics" you can browse. Each link you click will expand into a list on the right. Click the link in the list that is most related to your problem.
  5. If you clicked on any of the six choices mentioned, the website will direct you to a different page. Some options may require you to sign in first.
  6. At the bottom of the page, you can find "Additional Resources." You can also post in the Amazon Community forum. 
  7. Click "Contact us" to talk to a representative. 
  8. If your queries are still not answered, you might have to email, phone, or chat through the site with their representatives. 
  9. If you click "Phone," which is recommended, Amazon will ask for your country and home phone number. Then you can click "Call me now."
  10. If you click "chat," you'll open a web chat with an Amazon representative. 
  11. Amazon is also on social media. You can find Amazon on Facebook, Instagram, Twitter, Pinterest, and Spark. The last one is Amazon's own social media platform, kind of a hybrid of Pinterest and Instagram with an online store thrown in.

Amazon also has an app where you can seek help.

  1. Download, install and open the Amazon app.
  2. Sign up or log in using your email address.
  3. Click the button in the form of three horizontal lines.
  4. Click "Customer Service."
  5. Choose one of the options related to your issue.
  6. If your problems are still not resolved, try the "Need more help?" option. Tap "Browse All Help Topics."
  7. Five more choices will appear, and each will lead you to a multitude of possible solutions.
  8. If you tapped "Contact us," instead of the "Browse All Help Topics," you can choose to email or call customer service. 
  9. You can email customer service from the app.
  10. If you chose the call option, you will first be asked for details about your problem.
  11. Amazon also provides an avenue for providing feedback on the app. It is listed under "Contact us."

It's safe to say that all these steps will take a considerable amount of time. If you're sick of navigating knowledge bases and complicated phone trees, download DoNotPay. Skip the long phone queues with the help of DoNotPay!Access the web app through any web browser.

Amazon headquarters 

Amazon is one of the biggest companies in the world, with offices all over the globe. Their main headquarters are in Seattle, while their secondary office is in Virginia.

Headquarters

410 Terry Ave N

Seattle 98109, WA

United States

Secondary headquarters

9827 Chester Rd

Chester 23831, VA

United States

You can also mail your concerns to Amazon. Don't forget to include your name, address, and contact details when snail-mailing.

Amazon

P.O. Box 81226 

Seattle, WA 98108-1226

If you plan on suing Amazon in small claims court, note down the address written above. You will need it to send a demand letter.

If Amazon refuses to help me, can I sue the company in small claims court?

If you feel that you’ve been wronged and Amazon is refusing to own up to a mistake or pay what they owe you, you can probably sue them in small claims court. Here’s a quick summary of how DoNotPay helps with the process:

  1. DoNotPay generates a demand letter you can send to Amazon to try to settle things out of court.
  2. If unanswered, you will then fill out the court forms. DoNotPay will help you with this and provide you with enough copies of each form.
  3. After that, you can file your case with the court. DoNotPay will guide you through the process step by step.
  4. You will then serve Amazon, which means informing them that they are being sued. You will specify the reason for which you are suing them.
  5. Finally, show up in court! DoNotPay will provide a script you can use when speaking before the judge.

If you want to take Amazon to small claims court, make it easy with the DoNotPay web app available in any web browser.

Contacts for Amazon executives 

Primary Contact

Dave Clark

SVP, Worldwide Operations and Customer Service at Amazon

P.O. Box 81226 

Seattle, WA 98108-1226

[email protected]

LinkedIn

Twitter

Secondary Contact

Mike Roth

Vice President, North America Operations at Amazon.com

P.O. Box 81226 

Seattle, WA 98108-1226

[email protected]

LinkedIn

Chief Executive

Jeff Bezos

President

P.O. Box 81226 

Seattle, WA 98108-1226

[email protected]

Twitter

An interesting fact about Jeff Bezos: if you write to his personal email, there is a high chance that you will get your issues resolved. Bezos takes great care to respond to customers' problems, and a crack team monitors his inbox for complaints about Amazon customer service.

Prefer talking to an actual customer service rep over the phone? No problem! Skip the long phone queues with the help of DoNotPay! Access DoNotPay through any web browser.

Reasons for contacting Amazon customer support 

  1. Order tracking: Amazon customers would like to know where their order is and how long it will take to get to them. Occasionally, they also contact customer service to update or cancel their orders.
  2. Returns or refunds: Sometimes, users would like to return their items or ask for a refund.
  3. Device troubleshooting: Users often have problems with their Amazon devices, such as their Kindles.
  4. Amazon Prime: Amazon Prime is a paid service where users can get VIP service, including exclusive deals.
  5. Gifts: Customers often ask support about issues with gift cards and returning gifts.

Skip the long phone queues with the help of DoNotPay! Access DoNotPay through any web browser.

Comment below for additional help

Post your problem in the comments below. Someone reading this might be able to share the solution!

Skip the long queues and get your problems resolved with no wait. Access DoNotPay through any web browser.

DoNotPay Protects Your Privacy and Finances

Sharing your credit card details online comes with certain risks, and it’s getting more difficult to tell good and bad websites apart. With DoNotPay’s virtual credit card generator, you will be able to protect your identity and bank account from cyber scammers.

Whenever you run into a suspicious email or website, generate a virtual credit card and proceed without worries. Our virtual cards also work like a charm if you want to avoid automatic payments after free trials.

DoNotPay can do other stuff too! 

Let DoNotPay help you with your other concerns. Use it in any web browser, you can get help with:

DoNotPay can help you skip the phone queue at 10,000+ companies

Have you been having issues with other companies too? DoNotPay will help you get in touch with practically every major company out there, no matter what field it is in. The list is exhaustive and ever-expanding. Below is a list of articles on how to use DoNotPay to contact a few leading companies. Even if a company isn't on our list or we haven't yet published an article about it, chances are that DoNotPay can help you get in touch with them now without waiting on hold.

Access DoNotPay through any web browser.

Источник: https://donotpay.com/learn/amazon-customer-service/

Support

Common searches: registration, documentation, and what should I do?

Menu

Amazon Pay provides a single view of your transactions. You can view all transactions or filter them by activity type (means of payment), by sent or received date or by credit and debit events.

Viewing your orders made with Amazon Pay

To view yours orders made with Amazon Pay, do the following:

  1. Go to the Amazon Pay website and log on to your Amazon Pay account as a customer.
  2. Your Account page appears, displaying your Account Activity, showing the most recent transaction at the top with Transaction Date, Merchant, Status and Amount.
  3. To view (filter by) specific transaction types, click on successful/declined/refunded links mentioned on the page.
  4. You can view a specific transaction by setting the appropriate date range, and then clicking Go.
  5. To see details such as transaction ID and payment method used for the transaction, click Details.

Cancelling an order or transaction

Refer Cancelling Payments.

To contact the merchant you can either go to merchant’s website/app and get contact details or do the following:

  1. Go to the Amazon Pay website.
  2. Click the 'My Account' link at the top of the website, and sign in when prompted.
  3. In the Overview page, click on the details link of a transaction for which you wish to contact the merchant.
  4. On the transaction detail page, click Contact Merchant.

After a payment has been initiated, it cannot be cancelled, but if you wish to ask for a refund (that is, if you don’t receive an item, or an item materially differs from its description), you can contact the merchant to resolve the issue. Merchants can issue refunds via Amazon Pay as needed. If you used a bank account to submit your payment, you must wait 2 to 5 business days (not including weekends or holidays) for the payment to be completed before the merchant can initiate a refund.

amazon payments logo

Select your country below

Источник: https://www.amazonpay.in/help/201754710

Amazon Payments FAQ

What is Amazon Payments?

Amazon Payments is a service that provides you with the ability to send payments for goods or services by using the payment methods already associated with your Amazon account. To make a payment, you can use a credit or debit card, or Amazon Payments Account balance.

How do I sign up?

You'll be prompted automatically to sign up for an account when you make your first payment with Amazon Payments. If you already have an Amazon account, you can set up a Personal Account with Amazon Payments that allows you to send payments using credit cards.

Am I protected when I use Amazon Payments?

If there are unauthorised Amazon Payments charges against your credit card or bank account, you can dispute the charge with us. Depending on how quickly you notify us about any unauthorized transactions, you might not be held responsible for those charges.

If you submit payment for a product or service and you do not receive the item, or it is materially different than advertised by the merchant, you can dispute the transaction and request reimbursement. Learn more about transaction disputes.

Is my payment information shared with anyone?

We do not share your credit card, debit card or bank account information with third parties without your consent. You do not need to disclose your payment information to others when you use Amazon Payments. Because your Amazon Payments account is linked to your Amazon account, any changes you make to payment methods in your Amazon Payments account will appear on your Amazon account (and vice versa).

What payment methods can be used with Amazon Payments?

You can make a payment using credit cards or debit cards. Accepted cards include Visa, Delta, Visa Electron, MasterCard, Eurocard, and American Express. Learn more about adding payment methods to your account.

Can I get a bank account added and verified today?

Yes, you can instantly add a bank account to withdraw money from your Amazon Payments account to a bank or building society account. In order to add funds to your Amazon Payments account, you need to fill out and submit a Direct Debit Form. After you add a bank or building society account, you need to verify it before funds can be moved between Amazon Payments and your bank or building society account. For more information, see Adding a Bank Account.

My business uses a corporate bank account. Can I use that?

No, you cannot add a Corporate bank or building society account to your Personal account.

Why do I need to provide security questions and answers?

We use the security questions and answers you provided during registration to help protect your account. We'll ask you to verify your security questions and answers when adding new bank account information to your Amazon Payments account.

Can I change my security questions and answers?

No, you cannot change the security questions and answers that you supplied at the time of account registration.

What if I forget my security questions and answers?

To protect your privacy and financial information, we cannot tell you the answers you supplied at the time of account registration. For the same reason we are unable to allow you to reset the security questions. If you have forgotten your security questions or answers and you need to verify your bank account, you might be able to complete the verification process through alternative procedures. Please contact us to request more information.

How do I change my account information?

You can change your Phone number and add, edit or delete your credit cards or bank accounts after you open an Amazon Payments account and your account is verified. Go to Amazon Payments web site, click the Your Account link, and then click Edit My Account Settings at the top of the page to manage payments related to your account.

Some of your account information, including your e-mail address and password, can be changed only on Amazon.co.uk. Learn more about managing your account information.

Can I convert my Personal account to a Business account?

Yes, you can upgrade your Personal account to an Individual Business account. Go to the Business section of the Amazon Payments web site and then sign-up for a Business account with your existing Personal account email and password. We will guide you through the Business account registration flow and your Personal account will be converted to a Business account.

How do I make a payment?

When you see Amazon Payments is an accepted payment method for a product or service you want to purchase, simply click the Amazon Payments logo, enter your Amazon e-mail address and password, and then select your payment method. Learn more about making payments with Amazon Payments.

How do I withdraw funds from my Amazon Payments Account?

If you want to withdraw funds from your Amazon Payments account, you can do so by initiating a transfer to your bank account. To transfer funds to your bank, you must complete the bank account verification process. Learn more about withdrawing funds from your Amazon Payments Account.

I think I just received a phishing e-mail. What do I do?

If you receive a phishing e-mail message, we ask that you report it as quickly as possible. Please contact us to report a phishing e-mail message. Learn more about identifying and reporting phishing e-mails.

I'm having a problem with my account or with trying to complete a purchase using my account. What do I do?

We're sorry you are experiencing a problem with Amazon Payments. Here are some steps you can try:

Please check that you are entering the e-mail address and password associated with your Amazon account correctly when you are trying to complete a purchase.

If you can enter your account e-mail address and password, but you cannot complete your purchase, please check that your payment method is set up correctly. You can do so by following the steps listed in our online Help topic Managing Your Account.

If your payment method is set up correctly, but you still cannot complete your purchase, please use the Contact Us form in Amazon Payments.

If you cannot create an Amazon account or you do not have an Amazon account, please go to the Amazon.co.uk web site, click the "Help" link at the top-right corner, click the Contact us Button, click the Skip sign in button, and then follow the instructions on the page. You can contact us by e-mail, or you can request a phone call from Customer Service.

Self-Service

Get answers to questions about your Amazon Payments account.

Источник: https://pay.amazon.eu/help/5970?ld=APJPLPADirect

How to activate an Amazon credit card

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Three card providers issue Amazon credit cards: American Express, Chase and Synchrony. The card activation process is simple with all three providers and shouldn’t take more than a few minutes.

American Express offers three ways to activate your Amazon credit card:

  1. Visit the americanexpress.com/confirmcard, enter your credit card number and 4-digit card ID on the back of your card. Click Confirm.
  2. Call the number on the back of your card.
  3. Download and use the Amex mobile app on iOS or Android, enter your card numbers or scan the card.

Amazon credit cards by American Express

There are two ways to activate your Amazon credit card with Chase:

  1. Go to chase.com/personal/credit-cards/verify-credit-card, log in or sign up with your Social Security number and your card, account or application number.
  2. Call 800-432-3117 and follow the prompts.

Amazon credit cards by Chase

If your Amazon card is issued by Synchrony, here’s how to activate it:

  1. If you have a sticker on the back of your card, call the number written on the sticker.
  2. Otherwise, call the number on the back of your card.

Amazon credit cards by Synchrony Bank

Once you’re approved for your Amazon credit card, you’ll want to do a few things to set yourself up for credit success.

    1. Download the mobile app. Getting the Chase mobile app or the Synchrony mobile app — depending on which Amazon card you got — can simplify your finances in many ways. For example, the Chase app lets you set up autopay, monitor your accounts and spending, make payments or activate the Chase Offers program.
    2. Set up digital wallets. Chase supports digital wallets, meaning you can add your Amazon card to Apple Pay, Google Pay, Garmin Pay and more.
    3. Enroll in online banking. Visit Chase’s website to enroll in online banking. You need to provide personal information, such as your SSN or tax ID, your bank account and your mobile phone. Once you set it up, you can monitor your accounts, activate autopay, redeem rewards and more. Amazon also has an online banking service for cards issued by Synchrony Bank.
    4. Add your card on Amazon.com. Make sure you have set your Amazon credit card as a preferred payment method on Amazon.com to earn your cashback rewards.
    5. Set up a PIN. It’s likely that your card will already have a personal identification number (PIN), but in case you don’t have one — or you want to reset your old one — call 800-297-4970. Simply follow the automated instructions and you should be all set. Having a PIN number is important, especially for those who travel abroad.
    6. Set up autopay. To set up autopay, you need to access your Chase online account or your mobile app. From there, select the card you want, select Set up next to automated payments, chose the amount and from which account you wish to pay. You can also set up autopay for cards issued by Synchrony Bank.

Now that you have your Amazon card activated, you can start using it. If you ever feel the need to have access to a higher credit line or additional perks, consider applying for a second card to help you maximize rewards. For example, if your card now earns accelerated rewards on Amazon purchases, your next card could earn you rewards on groceries, gas or any other category where you spend most. Check out the cards in the table below to see what perks and rewards you could get.

Amazon credit cards are issued by three different card providers. However, the card activation process generally remains the same — by phone and online. American Express is the only provider of the three that lets you activate your card via the bank’s mobile app. If you need to activate a credit card from a different bank, read our guide on credit card activation.

Источник: https://www.finder.com/activate-amazon-credit-card

Support

Common searches: registration, documentation, and what should I do?

Menu

Amazon Pay provides a single view of your transactions. You can view all transactions or filter them by activity type (means of payment), by sent or received date or by credit and debit events.

Viewing your orders made with Amazon Pay

To view yours orders made with Amazon Pay, do the following:

  1. Go to the Amazon Pay website and log on to your Amazon Pay account as a customer.
  2. Your Account page appears, displaying your Account Activity, showing the most recent transaction at the top with Transaction Date, Merchant, Status and Amount.
  3. To view (filter by) specific transaction types, click on successful/declined/refunded links mentioned on the page.
  4. You can view a specific transaction by setting the appropriate date range, and then clicking Go.
  5. To see details such as transaction ID and payment method used for the transaction, click Details.

Cancelling an order or transaction

Refer Cancelling Payments.

To contact the merchant you can either go to merchant’s website/app and get contact details or do the following:

  1. Go to the Amazon Pay website.
  2. Click the 'My Account' link at the top of the website, and sign in when prompted.
  3. In the Overview page, click on the details link of a transaction for which you wish to contact the merchant.
  4. On the transaction detail page, click Contact Merchant.

After a payment has been initiated, it cannot be cancelled, but if you wish to ask for a refund (that is, if you don’t receive an item, or an item materially differs from its description), you can contact the merchant to resolve the issue. Merchants can issue refunds via Amazon Pay as needed. If you used a bank account to submit your payment, you must wait 2 to 5 business days (not including weekends or holidays) for the payment to be completed before the merchant can initiate a refund.

amazon payments logo

Select your country below

Источник: https://www.amazonpay.in/help/201754710

Amazon Payments FAQ

What is Amazon Payments?

Amazon Payments is a service that provides you with the ability to send payments for goods or services by using the payment methods already associated with your Amazon account. To make a payment, you can use a credit or debit card, or Amazon Payments Account balance.

How do I sign up?

You'll be prompted automatically to sign up for an account when you make your first payment with Amazon Payments. If you already have an Amazon account, you can set up a Personal Account with Amazon Payments that allows you to send payments using credit cards.

Am I protected when I use Amazon Payments?

If there are unauthorised Amazon Payments charges against your credit card or bank account, you can dispute the charge with us. Depending on how quickly you notify us about any unauthorized transactions, you might not be held responsible for those charges.

If you submit payment for a product or service and you do not receive the item, or it is materially different than advertised by the merchant, you can dispute the transaction and request reimbursement. Learn more about transaction disputes.

Is my payment information shared with anyone?

We do not share your credit card, debit card or bank account information with third parties without your consent. You do not need to disclose your payment information to others when you use Amazon Payments. Because your Amazon Payments account is linked to your Amazon account, any changes you make to payment methods in your Amazon Payments account will appear on your Amazon account (and vice versa).

What payment methods can be used with Amazon Payments?

You can make a payment using credit cards or debit cards. Accepted cards include Visa, Delta, Visa Electron, MasterCard, Eurocard, and American Express. Learn more about adding payment methods to your account.

Can I get a bank account added and verified today?

Yes, you can instantly add a bank account to withdraw money from your Amazon Payments account to a bank or building society account. In order to add funds to your Amazon Payments account, you need to fill out and submit a Direct Debit Form. After you add a bank or building society account, you need to verify it before funds can be moved between Amazon Payments and your bank or building society account. For more information, see Adding a Bank Account.

My business uses a corporate bank account. Can I use that?

No, you cannot add a Corporate bank or building society account to your Personal account.

Why do I need to provide security questions and answers?

We use the security questions and answers you provided during registration to help protect your account. We'll ask you to verify your security questions and answers when pay amazon credit card phone number new bank account information to your Amazon Payments account.

Can I change my security questions and answers?

No, you cannot change the security questions and answers that you supplied at the time of account registration.

What if I forget my security questions and answers?

To protect your privacy and financial information, we cannot tell you the answers you supplied at the time of account registration. For the same reason we are unable to allow you to reset the security questions. If you have forgotten your security questions or answers and you need to verify your bank account, you might be able to complete the verification process through alternative procedures. Please contact us to request more information.

How do I change my account information?

You can change your Phone number and add, edit or delete your credit cards or bank accounts after you open an Amazon Payments account and your account is verified. Go to Amazon Payments web site, click the Your Account link, and then click Edit My Account Settings at the top of the page to manage payments related to your account.

Some of your account information, including your e-mail address and password, can be changed only on Amazon.co.uk. Learn more about managing your account information.

Can I convert my Personal account to a Business account?

Yes, you can upgrade your Personal account to an Individual Business account. Go to the Business section of the Amazon Payments web site and then sign-up for a Business account with your existing Personal account email and password. We will guide you through the Business account registration flow and your Personal account will be converted to a Business account.

How do I make a payment?

When you see Amazon Payments is an accepted payment method for a product or service you want to purchase, simply click the Amazon Payments logo, enter your Amazon e-mail address and password, and then select your payment method. Learn more about making payments with Amazon Payments.

How do I withdraw funds from my Amazon Payments Account?

If you want to withdraw funds from your Amazon Payments account, you can do so by initiating a transfer to your bank account. To transfer funds to your bank, you must complete the bank account verification process. Learn more about withdrawing funds from your Amazon Payments Account.

I think I just received a phishing e-mail. What do I do?

If walmart money card number receive a phishing e-mail message, we ask that you report it as quickly as possible. Please contact us to report a phishing e-mail message. Learn more about identifying and reporting phishing e-mails.

I'm having a problem with my account or with trying to complete a purchase using my account. What do I do?

We're sorry you are experiencing a problem with Amazon Payments. Here are some steps you can try:

Please check that you are entering the e-mail address and password associated with your Amazon account correctly when you are trying to complete a purchase.

If you can enter your account e-mail address and password, but you cannot complete your purchase, please check that your payment method is set up correctly. You can do so by following the steps listed in our online Help topic Managing Your Account.

If your payment method is set up correctly, but you still cannot complete your purchase, please use the Contact Us form in Amazon Payments.

If you cannot create an Amazon account or you do not have an Amazon account, please go to the Amazon.co.uk web site, click the "Help" link at the top-right corner, click the Contact us Button, click the Skip sign in button, and then follow the instructions on the page. You can contact us by e-mail, or you can request a phone call from Customer Service.

Self-Service

Get answers to questions about your Amazon Payments account.

Источник: https://pay.amazon.eu/help/5970?ld=APJPLPADirect

pay amazon credit card phone number Fidelity® Rewards Visa Signature® Card

We may change APRs, fees, and other Account terms in the future based on your experience with Elan Financial Services and its affiliates as provided under the Cardmember Agreement and applicable law.

1. You will earn 2 Points per dollar in eligible net purchases (net purchases are purchases minus credits and returns) that you charge. Account must be open and in good standing to earn and redeem rewards and benefits. Upon approval, refer to your Program Rules for additional information. You may not redeem Reward Points, and you will immediately lose all of your Reward Points, if your Account is closed to future transactions (including, but not limited to, due to Program misuse, failure to pay, bankruptcy, or death). Reward Points will not expire as long as your Account remains open. Certain transactions are not eligible for Reward Points, including Advances (as defined in the Agreement, including wire transfers, travelers checks, money orders, foreign cash transactions, betting transactions, lottery tickets and ATM disbursements), Annual Fee, convenience checks, balance transfers, unauthorized or fraudulent charges, overdraft advances, interest charges, fees, credit insurance charges, transactions to fund certain prepaid card products, U.S. Mint purchases, or transactions to purchase cash convertible items. The 2% cash back rewards value applies only to Points redeemed for a deposit into an eligible Fidelity account. The redemption value is different if you choose to redeem your Points for other rewards such as travel options, merchandise, gift cards, and/or statement credit. Other restrictions apply. Full details appear in the Program Rules new card customers receive with their card. Establishment or ownership of a Fidelity account or other relationship with Fidelity Investments is not required to obtain a card or to be eligible to use Points to obtain any rewards offered under the program other than Fidelity Rewards.

2.

Because the interest and other fees charged on any outstanding balance are greater than the cash value of the rewards points, you may pay more in fees and interest than the value of the points you earn if you do not pay your bill in full each month.

3.

To receive a deposit, you must link your eligible Fidelity® account to your card. This can be accomplished in any of following ways. 1. You may contact Elan Financial Services Customer Service at the toll-free phone number located on the back of your credit card and provide them with your eligible Fidelity® account (s) number. 2. Simply select the “Manage Reward Points” hyperlink from the credit card snapshot page on Fidelity.com and follow the easy steps. You may also watch a brief video that describes the linking process on the credit card snapshot page also found on Fidelity.com. Please note that automatic redemptions will occur on a monthly basis as long as you have reached the point redemption threshold of 2,500 Points.

4.

Eligible accounts include most nonretirement registrations as well as Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Fidelity Charitable® Giving Account®, Fidelity HSA®, and Fidelity®-managed 529 College Savings Plan accounts. The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits. Full details appear in the Program Guidelines new card customers receive with their card. Contributions to Fidelity Charitable® are generally eligible for a federal income tax charitable deduction. Please consult with your tax advisor. The list of eligible registration types may change without notice at Fidelity’s sole discretion. For more information about whether a particular registration is eligible, please call 1-800-FIDELITY (800-343-3548).

5. Certain restrictions apply to each benefit. Details accompany new account materials.

6.

Elan Financial Services provides zero fraud liability for unauthorized transactions. Cardmember must notify Elan Financial Services promptly of any unauthorized use. Certain conditions and limitations may apply.

7.

Cardmembers are responsible for the cost of any goods or services purchased by the Visa Signature Concierge on cardmembers’ behalf.

8. Fidelity Rewards+ generally requires $250,000 invested through Fidelity® Wealth Services, Fidelity® Strategic Disciplines, or a combination of both registered as an individual account, a joint account, or certain types of revocable trusts. Assets in other registration types, such as irrevocable trusts, partnerships, or LLCs, will not be included when determining program eligibility. Fidelity Rewards is not offered as a component of any advisory service or program through Fidelity, including, without limitation, Fidelity® Wealth Services and Fidelity® Strategic Disciplines. While there are no program enrollment fees, eligible managed accounts are charged an advisory fee.

The Contactless Symbol and Contactless Indicator are trademarks owned by and used with the permission of EMVCo, LLC.

Fidelity Charitable® is the brand name for Fidelity Investments® Charitable Gift Fund, an independent public charity with a donor-advised fund program. Various Fidelity companies provide services to Fidelity Charitable. The Fidelity Charitable name and logo and Fidelity are registered service marks of FMR LLC, used by Fidelity Charitable under license.

"Giving Account" is a registered service mark of the Trustees of Fidelity® Charitable.

Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay is a trademark of Apple Inc.

Google, Google Pay and the Google Logo are trademarks of Google LLC.

©2020 Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Use only in accordance with law.

© 2021 The Kiplinger Washington Editors. Used under License.

Fidelity Go® provides discretionary investment management for a fee. Advisory services offered by Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. FPWA, FBS and NFS are Fidelity Investments companies.

The creditor and issuer of this card is Elan Financial Services, pursuant to a license from Visa U.S.A. Inc.

Fidelity® and Elan Financial Services are separate companies.

Visa and Visa Signature are registered trademarks of Visa International Service Association and are used by the issuer pursuant to a license from Visa U.S.A., Inc.

Third-party trademarks appearing herein are the property of their respective owners. All other service marks are property of FMR LLC.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

Источник: https://www.fidelity.com/cash-management/visa-signature-card

Amazon Pay

Amazon Pay is an online payments processing service owned by Amazon. Launched in 2007,[1] Amazon Pay uses the consumer base of Amazon.com and focuses on giving users the option to pay with their Amazon accounts on external merchant websites. As of March 2021, the service is available in Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, Republic of Ireland, Italy, Japan, Luxembourg, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the United States.

Amazon Pay announced a partnership with Worldpay in 2019 allowing Worldpay clients to enable Amazon Pay as a part of the same integration.[2][3][4]

Products[edit]

Amazon Pay incorporates a variety of products for buyers and merchants to process online payments.

Amazon Pay[edit]

Amazon Pay provides the option to purchase goods and services from websites and mobile apps using the addresses and payment methods stored in the Amazon account, such as credit cards or a direct debit bank account or the Unified Payments Interface (UPI) in India.[5]

Amazon Pay Express[edit]

Amazon Pay Express is a payments processing service for simple e-commerce use cases on websites. Built on Amazon Pay but without requiring a full e-commerce integration,[6] it can be used to create a button that can be copied and pasted onto a website or added via a WordPress plug-in.[7] It is best suited for merchants selling a small number of products with a single item in each order, such as a digital download.

Evolution[edit]

Amazon Pay has undergone many changes in its evolution to improve the online payments processing for Amazon customers on external websites. While Amazon Pay is the most recent product, it represents the culmination of previous trial and error products, and strategic acquisitions.

Checkout by Amazon (CBA)[edit]

Checkout by Amazon (CBA) was an e-commerce solution that allowed web merchants to accept Amazon account information and use Amazon for payment processing. CBA could manage several aspects of the transaction including order processing, promotional discounts, shipping rates, sales tax calculation, and up-selling. Depending on the needs of the merchant, CBA could be integrated into the merchant's systems with manual processing (through Seller Central) or through SOAP APIs or downloadable CSV files. CBA also claimed to reduce bad debt because of Amazon's fraud detection capabilities. CBA was discontinued in the UK and Germany in 2016 and in the US in April 2017.[8]

Amazon Flexible Payments Service (FPS)[edit]

Flexible Payments Service (FPS) was an Amazon Web Service that allowed the transfer of money between two entities using a technology built on single, multiple, and unlimited use payment tokens. Merchants managed their use of the service via API or solution providers and accessed the account through a merchant account on the Amazon Payments website. The service was launched as a limited beta in August 2007, and later in February 2009 was promoted to General Availability. FPS differed from CBA in that FPS did not handle additional capabilities associated with order processing such as promotions, tax, and shipping. FPS also provided the payments processing for the Amazon Web Services DevPay service (https://aws.amazon.com/blogs/aws/make-money-fast/) but was discontinued in June 2015.

GoPago technology acquisition[edit]

Amazon in 2013 acquired GoPago's technology (mPayment) and hired their engineering and product teams.[9] Amazon was interested in the mobile payment business. GoPago's app allows shoppers to order and pay for goods and services before they arrive at a business.

Pay with Alexa[edit]

In 2020, Amazon enabled Alexa users to pay for gas by talking to Alexa.[10]

Security[edit]

In September 22, 2010, Amazon published a security advisory [11] regarding a security flaw in its Amazon Payments SDKs. This flaw allows a malicious shopper to shop for free in web stores using those SDKs. Amazon mandated all web stores to upgrade to its new SDKs before Nov. 1, 2010. Amazon acknowledged security researcher Rui Wang for finding this bug. The detail of the flaw is documented in the paper "How to Shop for Free Online - Security Analysis of Cashier-as-a-Service Based Web Stores" by Rui Wang, Shuo Chen, XiaoFeng Wang, and Shaz Qadeer.[12]

See also[edit]

References[edit]

External links[edit]

Источник: https://en.wikipedia.org/wiki/Amazon_Pay

How to pay off Amazon purchases over time

If you’ve had your eye on a few big-ticket items from Amazon.com but would rather not cover the full cost upfront, you’re in luck.

Amazon supports a number of different payment plans and flexible payment options, whether you finance a purchase through the site itself, sign up for a co-branded Amazon credit card, use a third-party financing tool to keep interest charges low or take advantage of a 0% introductory APR.

Here’s everything you need to know about paying off Amazon purchases over time and, hopefully, avoiding interest along the way.

See related: Best credit cards for Amazon purchases

Guide to Amazon financing

Does Amazon offer payment plans?

Yes. While the terms are fairly rigid, Amazon offers payment plans on eligible items to qualifying customers. The site also partners with a number of credit card issuers – including Synchrony Bank, Chase and Citi – to offer flexible payment options to cardholders.

Typically, your best bet in terms of both flexibility and cost will be either Amazon’s own Monthly Payments program, 0% promotional financing with an Amazon credit card or a new 0% intro APR credit card.

Amazon Monthly Payments

Monthly Payments is a little-known installment payment tool available on select food bank tucson locations for eligible Amazon customers. Billed by Amazon as a way to “Get it now, pay over time,” Monthly Payments allows you to split the cost of an eligible item sold and shipped by Amazon across five months with no interest or finance charges.

With Monthly Payments, the price of your item is divided into five equal installments, with your first payment due when your product ships – that’s 20% of the total price, plus any tax and shipping on the full price of the item. Every 30 days after that for the next four months, you’re charged the remaining balance in equal installments.

You can only use Monthly Payments for one qualifying product in each product category (such as electronics) or Amazon device family (such as Fire tablets and Kindle e-readers) in your cart at time of checkout, and you can only be enrolled in one monthly payment plan per product category.

Here’s a quick look at how Amazon Monthly Payments work, per Amazon’s terms and conditions:

PaymentDue date
Initial payment (plus taxes and shipping)Date of shipment
First payment30 days after shipping
Second payment60 days after shipping
Third payment90 days after shipping
Fourth payment120 days after shipping

To get started with Amazon Monthly Payments, you’ll first need to check if your account is eligible. You can only use Monthly Payments if your Amazon account has been active for at least one year, you reside in the U.S. and you have a valid credit card tied to your Amazon account and a positive Amazon payment history.

Luckily, no credit check is required to determine your eligibility, so you won’t face the temporary credit score drop that comes from a hard pull of your credit report.

While qualifying for Monthly Payments is relatively straightforward, only certain items are eligible for an installment plan. To see if an item is eligible for financing through Monthly Payments, check for the “5 monthly payments” option on the product listing.

Here’s how to make monthly payments on Amazon, step-by-step:

  1. Enable monthly payments for your account. Once you’ve signed in and verified that your account is eligible for Monthly Payments, you’ll need to enable the feature. Visit the Monthly Payments page and click “Enable monthly payments.”
  2. Find an eligible product and select monthly payments. Products eligible for financing through Monthly Payments feature the text “or 5 monthly payments” below the standard price on the product listing. You can choose between “5 monthly payments” and “One-time payment” before you add an item to your cart.Find an item eligible for Monthly Payments
  3. Pay your first month, plus taxes and shipping. At checkout, your Order Summary lists the total cost of your item, the amount you’ll be charged immediately and the remaining balance, which will be billed in equal installments over the next four months.
    Amazon monthly payment checkout screen order summary
  4. Pay off your remaining balance over the next four months. Every 30 days, your card will be charged an equal portion of the remaining balance.

Amazon credit cards: Equal Pay vs. Special Financing

If your Amazon account or the item you have in mind doesn’t qualify for Monthly Payments, or if you think you’ll need more than five months to pay off your purchase, an Amazon credit card could be a good alternative. Not only do these cards carry exclusive financing offers, but they’ll also help you earn rewards on some of your regular Amazon purchases.

If go the new card route, you’ll choose from either the Amazon Store Card suite issued by Synchrony Bank – which includes the Amazon and Amazon Prime store credit cards, as well as the Amazon Prime Secured Card – or the Amazon Rewards Visa suite issued by Chase, which includes the Amazon Rewards Visa Signature Card* and the Amazon Prime Rewards Visa Signature Card*.

Depending on the card and the size of your purchase, you may be eligible to choose between ugi online bill pay main types of financing for Amazon purchases: Equal Pay and Special Financing.

See related: Amazon store cards vs. Amazon Visa credit cards

Amazon Equal Pay financing

Equal Pay is similar to Monthly Payments, but offers much longer payment plans for large purchases – based on the size of your purchase.

This payoff period ranges from six to 24 months on the Amazon store card and from six to 18 months on the Amazon Visa cards. The latter cards also require a lower minimum purchase price to take advantage of a payment plan.

Equal Pay options on Amazon store cards from Synchrony include:

Offer periodMinimum purchase
6 months$150
12 months$600
24 months$800 (select purchases only)

On Chase cards, the following offers apply:

Offer periodMinimum purchase
6 months$150
12 months$250
18 months$500

Like Monthly Payments, Equal Pay allows you to split the cost of your item equally across the offer period. As long as you make walmart covid testing near me installment payments on time and in full, you won’t be charged any interest or other fees.

Instead of charging installments on a monthly basis, however, Equal Pay charges you for the total purchase amount when your item ships. Your required installment payment is then included as part of your minimum payment due each card statement period. This could get a bit confusing if you’ve used your Amazon credit card for new purchases in addition to an Equal Pay purchase.

Luckily, Chase makes it clear what you need to pay to avoid interest on new purchases by listing an “Interest Saving Balance” on your statement. Your Interest Saving Balance includes both the monthly payment due as part of your Equal Pay plan and any non-promotional balances you have. As long as you pay your Interest Saving Balance in full, you’ll avoid interest charges and be on track to pay off your Equal Pay purchase.

For example, if you used Equal Pay to split a $600 purchase across six months and also made $400 in other new purchases during a statement period, you’d have a total balance of $1,000. Your Interest Saving Balance, however, would be just $500 – that’s your $400 in new purchases, plus your $100 installment payment for the month.

Equal Pay Chase Interest Saving Balance

To take advantage of an Equal Pay offer on an Amazon credit card, add items to your cart as you normally would. Then, at checkout, choose your Amazon credit card as your payment method and select the Equal Pay option from the “card options” drop down list.

Amazon Equal Pay checkout

Unfortunately, you must choose between either financing or earning rewards on your Amazon card. If you opt for financing, you’ll miss out on any cash back you’d otherwise earn on Amazon purchases.

Amazon Special Financing

The other financing option on Amazon credit cards is called Special Financing. However, it’s not particularly “special” – it’s just the sort of deferred interest financing offer you’ll find available with many retailers and store credit cards.

With Amazon Special Financing, you get a promotional 0% APR for six to 24 months, depending on the size of your purchase. As long as you pay off your purchase in full by the end of the promotional period, you’ll avoid interest charges. Without set installment payments, how much you pay over the minimum is up to you, though if you pay only the minimum each month, you won’t pay off your balance in time.

Here’s how 0% promotional Special Financing breaks down by purchase size:

Offer periodMinimum purchase
6 months$150
12 months$600
24 months$800 (select purchases only)

Additionally, since Special Financing uses deferred interest, if you have even $1 remaining on your balance at the end of the promotional period, you’ll be charged interest going back all the way to the original purchase date.

Given the potentially high APR on Chase’s Amazon cards (14.24% to 22.24% variable) and the high APR guaranteed on Synchrony’s Amazon cards (25.99% variable), slipping up on a deferred interest financing offer could end up costing you a ton.

While marketing for Special Financing offers is more prominent on Synchrony’s Amazon cards, you may qualify for Special Financing with a Chase Amazon card as well. As with Equal Pay, simply choose your Amazon credit card as your payment method and select Special Financing from the “card options” drop down list.

Other Amazon financing options

While Amazon Monthly Payments or an Amazon credit card will likely offer the most flexibility, a number of other flexible payment tools may be a better fit for you. Keep in mind, however, that a few of these methods will require you to pay at least some interest.

Tip: Unfortunately, many shoppers have had trouble using popular installment payment services for Amazon purchases. Quadpay is one notable exception, allowing you to shop on Amazon via the Quadpay app. However, only six-week payment plans are available.

Citi Flex Pay

Citi has partnered with Amazon to allow eligible Citi cardholders to finance Amazon purchases using Citi Flex Pay. This feature lets you split the cost of most Amazon purchases of more than $100 into equal monthly payments when you use an eligible Citi card as your payment method at checkout.

While you generally can’t avoid paying some interest with this option, the standard fixed promotional APR is quite low, and you may qualify for much a longer payment plan than you’d find in other financing plans.

Here’s a breakdown of standard Citi Flex Pay Amazon payment plans:

Offer periodMinimum purchasePromotional APR
3 months$1006.74%
6 months$1496.74%
12 months$3006.74%
18 or 24 months$6006.74%
36 or 48 months$1,2008.74%

As with Amazon’s Equal Pay and Special Financing offers, you can opt into Citi Flex Pay financing on a purchase by setting your Citi card as your payment method and selecting the monthly payment plan that works for you. Before you check out, you’ll see your payment plan displayed below your order total.

Tip: As part of Amazon Prime Day, eligible Citi cardholders can also access exclusive 0% intro APR offers on Amazon purchases. You can choose among three equal monthly payments on purchases of $75 or more, 6 equal monthly payments on purchases of $149 or more or 12 equal monthly payments on purchases of $300 or more, all at a 0% promotional APR.

Pay It Plan It

A flexible payment tool available on select American Express credit cards, the “Plan It” portion of the Pay It Plan It program allows eligible cardholders to split purchases of more than $100 into monthly payments with a fixed fee. Payment plans run from three to 24 months and can be used for up to 10 eligible purchases at a time.

To use “Plan It” with an Amazon purchase, simply charge the full cost of the item to your eligible Amex card, then log in to your Amex account and choose the purchase that you want to pay over time. You’ll be offered one to three payment plans and can see how many payments you’ll make, the amount you must pay each month and the required fees.

New 0% intro APR card

A new credit card that offers a 0% introductory APR on purchases will allow you to carry a balance for several months and save on interest on all new purchases.

Two of your best options at the moment are the Blue Cash Preferred® Card from American Express and the Blue Cash Everyday® Card from American Express.

That’s because not only pay amazon credit card phone number both cards come with a 0% introductory APR on new purchases (the Blue Cash Everyday offers a 15-month 0% intro APR period, while the Blue Cash Preferred offers a 12-month 0% intro APR period, with both carrying a 13.99% to 23.99% variable APR after that), they also offer rewards on Amazon purchases as part of their welcome bonus.

The Blue Cash Everyday and Blue Cash Preferred cards offer 20% back on Amazon.com purchases for your first six months as a cardholder, with a $150 and $200 cash back cap, respectively.

The Discover it® Cash Back card is another great choice. It comes with a 0% introductory APR on purchases for the first 14 months (11.99% to 22.99% variable APR after that) and the Discover cash back calendar for 2021 lists Amazon.com purchases as eligible for 5% cash back from October through December (upon enrollment, on up to $1,500 in spending, then 1%).

Tip: You can check if you prequalify for a new credit card at many issuers’ sites or use a tool like CardMatch™ to search across multiple issuers for prequalified offers that fit your credit profile. Prequalification will help you get a better sense of your odds of approval before you apply.

Bottom line

If you’re looking for payment flexibility capital one securecode mastercard you browse Amazon, you have a ton of options to choose from, many of which will help you avoid interest charges for six months or more.

If you want to avoid opening a new credit card, Amazon Monthly Payments may be your best bet but if you need more time to chip away at the cost of a large purchase, an Amazon co-branded credit card or a new card with a 0% introductory APR on purchases may be worth the temporary credit ding that comes with a new application.

Whichever route you take, be sure you have a payoff plan in place before you check out. You’ll also want to keep a close eye on your balance and payment schedule to ensure you don’t end up drowning in fees or interest charges.

See related: Best credit cards for large purchases

*All information about the Amazon Rewards Visa Signature Card and Amazon Prime Rewards Visa Signature Card has been collected independently by CreditCards.com and has not been reviewed or approved by the issuer.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Nouri Zarrugh is a staff editor at CreditCards.com, focusing on credit card reviews, product news and recommendations. Also a fiction writer, he won the Keene Prize for Literature and holds an MFA in creative writing from the Michener Center for Writers at the University of Texas at Austin.

Источник: https://www.creditcards.com/credit-card-news/amazon-financing/

Scammers are calling people and using the names of two companies everyone knows, Apple and Amazon, to rip people off. Here’s what you need to know about these calls.

In one version of the scam, you get a call and a recorded message that says it’s Amazon. The message says there’s something wrong with your account. It could be a suspicious purchase, a lost package, or an order they can’t fulfill.

In another twist on the scam, you get a recorded message that says there’s been suspicious activity in your Apple iCloud account. In fact, they say your account may have been breached.

In both scenarios, the scammers say you can conveniently press 1 to speak with someone (how nice of them!). Or they give you a phone number to call. Don’t do either. It’s a scam. They’re trying to steal your personal information, like your account password or your credit card number.

If you get an unexpected call or message about a problem with any of your accounts, hang up.

  • Do not press 1 to speak with customer support
  • Do not call a phone number they gave you
  • Do not give out your personal information

If you think there may actually be a problem with one of your accounts, contact the company using a phone number or website you know is real.

Read our article to learn how to block unwanted calls on a mobile phone or on your home phone. And if you do get a call you think is a scam, report it at ReportFraud.ftc.gov.

Scam Tags: Phone Scams

Источник: https://www.consumer.ftc.gov/blog/2020/12/fake-calls-apple-and-amazon-support-what-you-need-know

Everything You Need To Know About What Amazon Is Doing In Financial Services

From payments and lending to insurance and checking accounts, Amazon is attacking financial services from every angle without even applying to be a conventional bank. In this report, we break down how these efforts impact merchants and consumers. We also dive into various initiatives Amazon is pursuing, ranging from cashierless payment terminals to health insurance for sellers.

In 2017, Andreessen Horowitz general partner Alex Rampell said that of all the tech giants that could make a major move in financial services,

“Amazon is the most formidable. If Amazon can get you lower-debt payments or give you a bank account, you’ll buy more stuff on Amazon.”

While the anticipation for Amazon’s plunge into banking builds each year, it’s important to first understand Amazon’s existing strategy in financial services — what Amazon has launched and built, where the company is investing, and what recent products tell us about Amazon’s future ambitions.

Based on our findings, it’s hard to claim that Amazon is building the next-generation bank. But it’s clear that the company remains very focused on building financial services products that support its core strategic goal: increasing participation in the Amazon ecosystem.

As a result, the company has built and launched tools that aim to:

  1. Increase the number of merchants on Amazon, and enable each merchant to sell more.
  2. Increase the number of customers on Amazon, and enable each customer to spend more.
  3. Reduce any buying/selling friction.

In parallel, Amazon has made several fintech investments, mostly focused on international markets (India and Mexico, among others), where partners can help serve Amazon’s core strategic goal.

In aggregate, these product development and investment decisions reveal that Amazon isn’t building a traditional bank that serves everyone. Instead, Amazon has taken the core components of a modern banking experience and tweaked them to suit Amazon customers (both merchants and consumers).

In a sense, Amazon is building a bank for itself — and that may be an even more compelling development than the company launching a deposit-holding bank.

Amazon is unbundling the bank across credit cards, checking accounts, and merchant services

This report is a collection of everything we know about Amazon’s foray into banking, financial services, and fintech. We will be updating this brief on an ongoing basis as more relevant data, investments, news, and products are released.

Table of Contents:

  1. Amazon’s product strategy

2. Amazon Market strategy outside the US

3. Rumors: What will Amazon do next?
4. Closing thoughts

Product strategy: Amazon takes on financial services

Amazon is notorious for spreading its bets before going all in on a new product, and the financial services space is no exception. Through trial and error, the company has set up key financial pillars across payments, cash deposits, and lending. As we’ll explore below, all are related to Amazon’s broader growth and product strategies.

Amazon Payments

Amazon has aggressively invested in payments infrastructure and services over the last few years. That’s unsurprising, given that the payments experience is so close to Amazon’s core e-commerce business. Making payments more cash-efficient for Amazon and frictionless for customers is a key priority.

What is Amazon Pay: a digital wallet and a payments network

Today, Amazon Pay has evolved to include a digital wallet for customers and a payments network for both online and brick-and-mortar merchants. Since 2019, Amazon has invested in growing Amazon Pay’s marketplace, including forming a partnership with acquiring bank Worldpay.

While Amazon Pay is the company’s latest iteration on payments, Amazon has experimented with payments functionality for over a decade. Below is a timeline of some of the major Amazon Pay milestones:

Amazon Pay has evolved into a digital wallet for customers and a payments network for merchants

Amazon’s first known payments product, Pay with Amazon, launched in 2007. That same year, the company acquired TextPayMe, a peer-to-peer (P2P) mobile service that was re-launched as Amazon Webpay in 2011.

Webpay failed to gain user traction and was shut down in 2014, unlike up-start Venmo (now a part of rival payments processor PayPal). It’s likely that Amazon was too early to P2P payments.

In 2007, the company also invested in Bill Me Later (fka I4 Commerce). Bill Me Later was one of the earliest fintech payment platforms on the market and gave big retailers the ability to offer flexible financing programs. Although Bill Me Later was scooped up by PayPal in 2008, Amazon remained ever focused on reducing payment friction for customers.

Over the last few years, Amazon has used a variety of techniques to strengthen its payments experience, including launching digital wallets through Amazon Pay, acquiring tech talent of failed mobile payments startup GoPago, building a variety of tech in-house, and most recently opening up to partnering with merchant acquirers outside of Amazon’s marketplace.

Today’s iteration is Amazon Pay, a digital wallet for customers and a payments network for both online and brick-and-mortar merchants and shoppers.

Amazon Pay’s Traction and metrics

In addition to serving Amazon’s core customers, payments is an attractive revenue line when thinking about the scope of the payments market. Swipe fees paid by US merchants alone are more than a $110B-a-year business for banks, card networks like Visa, and payment processors like Stripe.

Amazon is finding ways to attract merchants to the Amazon Pay network beyond its experimentation with swipe fees. The company announced it would pass on the special card savings Amazon gets from card networks (because of the volume of purchases they can guarantee) to retailers that adopt Amazon Pay. Leveraging scale and competing on fees is a classic customer acquisition strategy in Amazon’s playbook.

And while the company is famously secretive about reporting customer growth and business metrics, a 2020 survey revealed that Amazon Pay has grown into a major online payment provider with a 22% user share in the US. Payments made with Amazon Pay spiked following service expansion to new geographies — France, Italy, and Spain — and to new verticals, including government payments, travel, insurance, entertainment, and charitable donations.

However, Amazon has had some missteps with Amazon Pay. Its most famous failure was Amazon Local Register. With the talent acquired from GoPago, Amazon launched Amazon Local Register, a card reader for small- and medium-sized businesses (SMBs) in August 2014. At the time, the company charged competitive rates (a full percentage point less than Square). Each reader cost $10, and it seemed like a formidable rival to PayPal’s and Square’s readers.

But in October 2015, the company announced it would be shut down. Despite charging lower fees, the company failed to gain enough traction with merchants who feared giving Amazon detailed data on their overall business operations.

Amazon's payments misses in the past, like Amazon Allowance and Amazon Payphrase

Eventually, Amazon launched a “Pay with Amazon” button for mobile and created a team with the goal of expanding payments across the web and on apps.

To lead this team, Amazon hired ex-PayPal employee Patrick Gauthier. In reference to failed payments projects, Gauthier said:

“What people never realize or truly understand about Amazon is that part of the recipe for success is daring to try things you have no idea whether will succeed or not, and if you think that you have a notion of how to succeed … you try again.”

Future developments of Amazon Pay: pivoting from e-commerce to omnichannel enablement

Off-marketplace integrations: Pivoting from e-commerce to omnichannel enablement

In March 2019, Amazon announced an integration with Worldpay, which serves as a back-end intermediary between banks and credit card companies and is one of the largest payment processors in the world.

It is a notable pivot from Amazon’s IP strategy, where the playbook has been to build, patent, and keep proprietary technology in-house to fuel Amazon’s marketplace. However, keeping Amazon’s customer-centric “day one” philosophy in mind, Amazon Pay’s top priority is reducing payment friction for customers to buy goods and services and for merchants to sell more things. This is also a second attempt to build distribution with merchants, picking up where Amazon Local Register failed to gained trust.

To achieve this, Amazon Pay set up a rare independent domain and is expanding from e-commerce to omnichannel — across web, mobile, and IoT devices.

The partnership is significant because of its potential to put Amazon’s Quick Payment button in front of millions of consumers and boost distribution with merchants.

At the time of the deal, Worldpay processed more than 40B transactions worth about $1.7T annually, supporting more than 300 payment types across 120 currencies. In July 2019, FIS announced it was acquiring Worldpay in a $43B cash-and-stock deal, indicating a strategic move to grow its merchant solutions business. Patrick Gauthier, VP of Amazon Pay, was reserved about the implications of the partnership:

“Today the announcement is about the extension of our footprint. It will lead us into more opportunities to grow the value proposition for buyers and merchants, but I will reserve discussion about that for the future.”

For Amazon, the combination of FIS and WorldPay is aligned with the company’s goal of reducing friction in payments for consumers and merchants, subsequently boosting commerce.

FIS could also be valuable for financial services pursuits as its suite of technologies ranges from POS systems to integrated card payments to cross-border payments, and covers both online and offline commerce. FIS is also one of the biggest providers of core banking processing and has integrations with Q2 technologies. Both are key elements that non-bank-chartered tech firms in the US have been leveraging to launch banking services, like checking and savings accounts.

Commerce has expanded well beyond desktop into mobile apps, IoT devices such as smart speakers, and other channels where Amazon does not have as formidable a position.

On the web, the infamous one-click patent helped boost the company’s payments prowess. But when the patent expired in 2017, it opened up the market for competitors to launch off-marketplace payment solutions.

To compete, Amazon is investing in its products, including by hiring product managers for device solutions. This could help Alexa move from the home and office into brick-and-mortar or point-of-sale (POS) environments.

Further, Amazon recognizes the need to diversify its dependence on third parties for its marketplace, even if that means enabling them off-platform.

While a short-term goal of the partnership seems to be to capture market share and reduce the processing fees charged by incumbents, in the long run, Amazon may look to close the loop and keep customers within the Amazon ecosystem.

Average third-party seller share on share on Amazon by percentage

Amazon Go: Amazon’s secret payments weapon?

Developing its products remains an area of strength for Amazon, especially as it iterates on its in-house biometric payments technology piloted within its expansive Amazon Go grocery stores.

Its Just Walk Out technology uses computer vision, sensor fusion, and advanced machine learning to enable a frictionless payments experience, and is based pay amazon credit card phone number technology that the company has patented in the past.

The future of payments for Amazon include facial recognition for faster payments

Just Walk Out is available through the Amazon app. It grants access to the store and allows customers to grab products and go without needing to stop and check out to pay.

Today, more than 20 Amazon Go stores are live in Seattle, New York, San Francisco, and Chicago.

The average annual sales of an Amazon Go location come in at about $1.5M, according to RBC Capital Markets. And with as many as 3,000 Amazon Go locations slated to open in the coming years, Amazon Go could become a $4.5B business.

Again, while the company typically does not make its proprietary technology available commercially, it looks to be taking a different approach with Amazon Go.

In March 2020, Amazon said that it had partnered with OTG to deploy its cashierless technology at CIBO Express stores at airports. Two such stores have been opened at Newark Liberty International Airport. The retail giant is reportedly in talks for a similar deal with Cineworld’s Regal Cinemas, a theater chain with more than 560 screens in the US.

Amazon could also look to roll out this tech into its Whole Foods stores or rumored independent grocery business in the future. The rollout in Whole Foods stores may reportedly start in Q2’21.
Amazon is rolling out cashierless Amazon Go stores

Prime Day: Amazon’s plan to adjust payment habits

Amazon Pay is still a niche payment method despite the company’s dominance in US e-commerce. This underscores the difficulty of influencing consumer behavior — especially when it comes to payments.

Alongside inventive products like Amazon Go, Amazon is using large-scale sale events like Prime Day to nudge people to use Amazon Pay.

During Prime Day 2019, Amazon offered consumers up to 30% cash back on purchases if they checked out using Amazon Pay. Customers received Amazon gift cards after using Amazon Pay at checkout from a specific list of participating merchants.

Incentives were offered on more than 30 retailers, including Brooklinen and Vineyard Vines. Offering cash back on an even wider variety of retailers could make sales a powerful technique for Amazon to encourage using Pay in the future.

Payments with a wave of the hand: Amazon’s plan to link payments data with biometrics

Alongside its cashierless store plans, Amazon has its eyes on eliminating the need for physical credit and debit cards altogether. In September 2020, the company launched Amazon One, a set of software and hardware technologies that let users pay using their palms. Customers first have to register to use this service by inserting a payment card in an Amazon One device and scanning one or both of their palms. Once registered, they enter and leave stores by placing their hand above a sensor at the entrance. Smart cameras and shelf sensors detect products customers take. The system then automatically charges customers as they leave the store. Later on, Amazon plans to enable users to assign one card to each palm.

Amazon One will initially be available at Amazon Go stores in Seattle. The company plans to roll out this tech across other stores in San Francisco, New York, and Chicago.

Amazon One terminals could be placed in any brick-and-mortar location, such as a coffee shop or restaurant. But the company isn’t yet saying when this technology will be offered to other companies. Amazon reportedly tested this system at vending machines in some of its offices and has partnered with Visa. It also has reportedly held talks with Mastercard, JPMorgan Chase, and Wells Fargo.

Alexa, pay for gas: Payments through voice commands

Amazon Pay VP Patrick Gauthier believes that, like e-commerce and mobile commerce before it, voice commerce has massive potential. The global voice shopping market is poised to grow from $2B to $40B by 2022, according to CB Insights’ Industry Analyst Consensus.

In September 2020, Amazon launched a new feature that enables customers to pay for gas at over 11,500 Exxon and Mobil gas stations across the US with a voice command to their Alexa-enabled vehicles or other mobility devices. All transactions are processed through Amazon Pay.

Amazon has partnered with Fiserv, a financial services tech company, which will enable the pumps to be activated at the voice command and ensure the payment goes through securely.

The retail giant also offers Alexa-enabled shopping for Atom Tickets, a Santa Monica, California-based company that allows users to purchase movie tickets prior to going to the theater. Shoppers can also pay their utility bills through Amazon Pay by sending out a voice command to their Alexa-enabled devices.

While Amazon has not yet announced any other applications of its voice command-based shopping features, a survey it conducted in 2019 showed that 44% of its customers were likely to try voice commerce over the next 3 years. The company also launched Paytalks, a webinar that educates merchants on how to use voice strategy to grow their business.

Amazon Payment Services

In December 2020, Amazon launched Amazon Payment Services (APS), a payment service provider that covers the Middle East and North Africa (MENA) region. APS is a rebranded version of Payfort, a fintech startup acquired by Amazon in 2017. Amazon teamed up with a number of leading banks in the MENA region, including Al Rajhi Bank, Mashreq, and First Abu Dhabi Bank, to launch this payment service.

Amazon Payment Services is offered to companies in 8 countries

APS is offered to companies in 8 countries. Source: Amazon

Companies using APS can offer online customers the option to pay using global payment methods christmas tree in the park san jose Visa and Mastercard as well as local card schemes such as Meeza and Mada. Customers can also pay in monthly installments using cards issued by local and international banks.

APS offers other benefits as well. Businesses can reduce checkout friction by allowing repeat buyers to skip specific authentication steps. APS also provides security solutions that reduce fraud and chargebacks. Companies then get to enjoy a higher percentage of accepted payments. And teams can use APS to build dashboards, merge data from various sources, and keep track of business goals.

Amazon Cash

The Amazon Cash program bridges the gap between online commerce (using debit or credit cards as payment) and offline commerce, which relies on “cash on delivery” options like cash and gift cards.

Amazon Cash launched in April 2017 to allow customers to deposit cash, without a fee, to a digital account by showing a bar code (either printed physically or digitally) or their phone number linked with their Amazon account at a partner brick-and-mortar retailer, such as CVS or 7-Eleven.

Amazon Cash fits into Amazon’s strategy of appealing to underbanked and unbanked populations

Amazon Cash fits neatly into Amazon’s strategy of appealing to underbanked and unbanked populations — customers only need access to the internet and a printer to open an account, rather than requiring a bank account or a phone.

Prior to Amazon Cash, unbanked and underbanked populations were an unaddressed customer base for the online retailer, as discussed in the Traction section below.

Since Amazon Cash’s launch, Amazon has made a few key product developments:

Amazon Cash has evolved through several deals

In May 2018, Amazon Cash extended its partnership with Coinstar to allow customers to deposit spare change at Coinstar kiosks and cash out digitally with the Amazon Cash app, instead of in cash or physical gift cards.

Coinstar has nearly 20,000 kiosk locations across mass merchants and select financial institutions. The goal at launch was to enable 5,000 kiosks with the new service by the end of 2018, with Amazon looking to roll out services to more kiosks down the road.

The location of kiosks — typically in grocery stores — is a newer cornerstone of Amazon’s business following its acquisition of Whole Foods. They are also found in high-traffic areas that Amazon competes with, including rival retailers such as Walmart. This partnership helps Amazon encourage customers to spend more on Amazon.com, and fits Amazon’s core strategic goals of strengthening the Amazon ecosystem and increasing participation.

PayCode: Bringing Amazon offline with Western Union’s network

A more recent pillar in Amazon’s fintech strategy is bringing parts of the world without the infrastructure to support digital payments into the Amazon ecosystem.

With PayCode, Amazon is allowing consumers that haven’t previously been able to purchase goods on Amazon to buy items through the site and pay for them in cash via QR codes. Amazon piloted PayCode in countries including Colombia, Chile, Hong Kong, Kenya, Indonesia, Malaysia, the Philippines, Peru, Taiwan, and Thailand. It then expanded the program to Barbados, Costa Rica, Jamaica, Kazakstan, and Uruguay, before opening it to the US in September 2019. PayCode has also been introduced in the Federated States of Micronesia, Marshall Islands, Mauritius, Palau, Philippines, and Tanzania.

The program is a partnership with Western Union, which is providing Amazon with the financial infrastructure it needs to enable offline cash payments. In these regions, consumers can pay for Amazon purchases by visiting a Western Union location and making a deposit in cash.

PayCode gives Amazon a strategic way of assessing which markets might make the most sense for future expansion of Amazon’s core retail platform.

PayCode could also represent a way for Amazon to eventually expand its influence among the underbanked in countries where it already has a live retail market.

Amazon Allowance: A kid-friendly solution

In addition to targeting the unbanked and underbanked, Amazon has looked to leverage the Amazon Cash feature to tap into the next generation of consumers.

In mid-2015, the company added Amazon Allowance, which was later brought under the Amazon Cash umbrella. Using Amazon Allowance, and with parental consent, kids were able to set up their own Amazon accounts and make purchases using their Amazon Allowance. Parents could allocate recurring funds to their child’s account and get the added control of overseeing what their kids purchased. However, the company discontinued this feature in July 2020.

Amazon Allowance was a way for parents to let their children shop on Amazon.

Amazon has also made investments in improving kids’ access to the platform.

In December 2017, Amazon’s Alexa Fund participated in a $16M Series A to Greenlight Financial, an alternative debit card issuer aimed at young consumers. With the card, parents can manage spending limits and allocate funds for their children through a mobile app. In March 2018, Greenlight Financial announced crossing 100,000 customers, growing its customer base 300% since the investment. In August 2019, Greenlight raised a $54M Series B from investors including Wells Fargo, JPMorgan Chase, Drive Capital, Relay Ventures, and TTV Capital. And a year later, the company raised $215M in Series C at a $1.2B valuation.

Amazon invested in Greenlight to bolster Amazon Cash customers

Greenlight Financial’s core business is complementary with Amazon’s internal initiative of growing Amazon Cash customers by increasing penetration of younger shoppers.

Amazon Cash traction and metrics

Amazon hasn’t announced how many customers are using Amazon Cash, but it’s clear the market opportunity is large. A 2019 FDIC Survey of Household Use of Banking and Financial Services shows that approximately 5.4% of US households, which equals around 7.1M, were unbanked in 2019.

The international opportunity is large, too — for example, 190M citizens in India are unbanked and just 37% of adults have a bank account in Mexico. Amazon Cash could be first financial bank texas customer service number enabler for fulton bank visa login acquisition in markets that have high unbanked populations and entrenched local competitors, supporting Amazon’s goal of increasing the number of customers that transact on the Amazon platform.

Cash caters to underserved and unserved populations in lower income brackets

Future developments of cash-based ops

Amazon is no stranger to looking outside its existing channels for growth opportunities.

The company could continue to expand the Amazon Cash and PayCode programs to other partners with high foot traffic (for example malls, colleges, grocers, etc.) or other geographies with highly underbanked populations and where QR codes are gaining traction as a payment method. Amazon could also leverage Whole Foods to launch more Coinstar kiosks, expanding the reach of the Coinstar partnership in a unique way.

Amazon Lending

Jeff Bezos has been more forward about Amazon’s desire to build out its lending arm than other financial service offerings.

In his 2016 annual letter to shareholders, Bezos outlined Amazon’s goal of expanding Amazon Lending: By continuing to work with partner banks to manage the bulk of the credit, the retailer can mitigate jose coronado wife risk and calm investor nerves.

Today, Amazon’s business lending is available in the US, UK, Germany, Canada, China, France, India, Italy, and Spain.

Amazon also offers consumer lending in the US in the form of partner cards.

SMB lending

Amazon Lending initially launched in 2011 to help small businesses finance and sell more goods on Amazon. In 2018, Amazon Lending partnered with Bank of America Merrill Lynch to issue loans on an invitation-only basis that could range between $1,000 to $750,000. In 2020, Amazon inked similar partnerships with Goldman Sachs in the US and ING in Germany.

As part of its deal with Goldman Sachs’ Marcus brand, the bank will invite selected merchants to apply for a credit line of up to $1M. The application process is digital, and sellers are pay amazon credit card phone number of approval results instantaneously. The credit line delivered through the Marcus brand comes with a fixed annual interest rate ranging from 6.99% to 20.99%. The amount approved can be drawn in several instances and repaid like a typical pay amazon credit card phone number card.

This is the first time that Amazon will open up its treasure trove of sales data on its sellers to a third-party financial institution to make underwriting decisions.

In Germany, Amazon and ING will provide loans between €10,000-€750,000 ($11,250-$852,327) to SMBs.

Amazon has issued $5B in loans to 20K+ SMBs.

From launch in 2011 to Q1’19, Amazon reported it issued $5B across more than 20,000 businesses in the US, Japan, and the UK.

Amazon’s lending business growth may be slowing, as it grew only 4.7% in 2017 and 2.6% in 2018, according to the Financial Times. However, this may be because the company is limited on how much capital it can lend without raising bank debt, or it may be a strategic decision to keep a cap on growth to avoid regulatory pushback.

In October 2018, Amazon expanded beyond loans to corporate cards issued by American Express in an effort to build its Amazon Business suite and attract new businesses to the marketplace. Launched in 2015, Amazon Business had over 1M business customers as of July 2017, and in 2019, the B2B platform’s gross revenue grew 3 times faster than the company’s overall revenue growth of 20.5%, according to RBC Capital Markets.

The card serves as a way to attract customers that have been turned down by traditional banks due to limited business credit history. Initially launched in the US, Amazon Business Prime is now available in the UK, Germany, Japan, and most recently Canada.

Perks include giving businesses control over employee spend, analytics tools for spend and inventory management, and discounts on Amazon Web Services (AWS). Prime members receive extra incentives, like priority shipping and pricing.

The <b>Pay amazon credit card phone number</b> Business Prime AmEx card focuses on growing SMBs across industries

Amazon also offers services such as Pay by Invoice, which allows selected small businesses to buy now and pay within 30 days — or 45-60 days, if the customer has an Amazon Prime Business account. In addition, it offers SMBs a revolving credit line and a pay-in-full credit line, in partnership with Synchrony Bank.

B2B e-commerce transactions are expected to reach $20.9T globally by 2027 — reportedly growing at a faster rate than online retail sales. Amazon is looking to replicate the network effects of its consumer arm with SMBs, as having more Amazon Business customers will improve its ability to connect B2B buyers and sellers to transact directly, unlocking cost savings.

Amazon’s consumer lending

Amazon offers Amazon Prime cards to help serve 2 broader corporate goals: grow Prime customers and increase marketplace sales. To attract card customers, Amazon has been adding perks that are exclusive to Prime members. Cardholders are likely to spend more on Amazon than non-cardholders, which also benefits Amazon’s marketplace (and boosts customer loyalty).

On the consumer side, Amazon has tried out several partner cards for Prime and non-Prime customers, which include:

  • Amazon Prime Store Card — Launched in 2015 with partner Synchrony Bank, it was Amazon’s first card exclusively for Prime customers, offering unlimited 5% cash back on Amazon purchases.
  • Amazon Store Card — Offers some of the benefits of the Prime Store Card but for non-Prime customers. It does not offer the 5% cash back perk.
  • Amazon Prime Rewards Visa Signature Card — Launched in 2017 with Visa, this card gives Prime members 5% cash back at Amazon and Whole Foods, 2% cash back at gas stations, restaurants, and drugstores, and 1% cash back on everything else.
  • Amazon Rewards Visa Signature Card — Partner card with Visa for non-Prime customers that offers 3% cash back on Amazon and Whole Foods purchases, 2% cash back at gas stations, restaurants, and drugstores, and 1% cash back on everything else.

Amazon's credit cards have expanded from online shopping to everyday purchases

  • Amazon Reload — A reloadable digital debit card available only to Prime members that offers 2% cash back on Amazon purchases. The card links directly to consumers’ checking accounts and can be reloaded on a recurring or one-time basis.
  • Amazon Pay ICICI Bank Credit Card — In 2018, Amazon Pay and India-based ICICI Bank launched a Visa-powered, co-branded credit card. Prime customers of this card can earn 5% cash back on purchases made through Amazon India, while non-Prime customers get 3% cash back.
  • Amazon Credit Builder — In Q2’19, Amazon partnered with Synchrony Bank to create a program that helps customers in the unbanked and underbanked income brackets boost their credit with a secured credit card. Like secured credit cards offered at banks, it requires a one-time deposit between $100 and $1,000 at the time of the account opening, which then becomes the card’s credit limit.

Amazon Reload is a reloadable digital debit card available to Prime members and offers 2% cash back

Both the Amazon Prime Store Card and Amazon Store Card offer 0% financing for consumers on certain kinds of Amazon purchases:

  • Purchases of $150 or more if fully paid within 6 months.
  • Purchases of $600 or more if fully paid within 12 months.
  • Select Amazon purchases if fully paid within 24 months.

Amazon is also frequently featured as a destination to spend credit card points by credit programs including Chase Freedom, Discover Cash Match, and Blue Cash for Amex.

Future developments of Amazon’s lending ops

In 2018, Amazon extended the 5% cash back reward to purchases at Whole Foods on the Prime Rewards Visa Card. This is one example of how Amazon is adding perks and exclusive benefits for Prime customers, making the cards more competitive and attractive to customers in-store.

Amazon is beefing <a href=mileage plus united credit card login in-store rewards to attract new Prime customers" width="828" height="393">

More broadly, Amazon’s Visa cards suggest it is pushing beyond limited-use store cards into everyday-use cards.

“Our vision is that every day Prime makes your life better, easier and more fun, and shopping at Whole Foods Market with exclusive deals and savings is all of this and more.” — Cem Sibay, vice president, Amazon Prime

Amazon’s addition of options for underbanked consumers and broader range of offerings — from cards with significant cash back rewards and 0% financing, to accepting SNAP benefits as payments, to launching secured cards for credit rebuilding — suggests that the company is looking to bring as many consumers as possible into the home remedies for cough caused by acid reflux market and incentivizing them to stay through perks tied back to the ecosystem.

Amazon’s next financial pillar?

While Amazon is making moves across the payments, cash, and lending spaces, it could also look to further expand across the financial services ecosystem.

Checking accounts

Amazon had patented methods for linking bank account information and for prepaid cards as early as 2004. As seen below, these patents offer supporting insights into what a bank account issued by Amazon could look like.

The company’s competitive advantage lies in its cloud infrastructure and online hosting. In the event that Amazon does decide to offer full-fledged banking account services, AWS would enable it to have cloud-based operations that would be more secure than traditional banks or its other Big Tech competitors.

Amazon's 2004 patents hinted at bank accounts

However, while Amazon has pushed into checking primarily through its Amazon Cash offering, it seems to have abandoned plans to create its own checking account so as to avoid becoming subject to strict banking regulations, according to The Information.

Insurance

Amazon has shown nascent interest across insurance markets and products.

The earliest reported foray into the space was in April 2016 with Amazon Protect, a white-label service in the UK that provides accidental and theft insurance on consumer goods ranging from headphones to kitchen appliances. Claims are underwritten through a partnership with The Warranty Group’s London General Insurance Company. The program has since expanded to other European countries including Spain, Italy, Germany, and France.

In June 2018, The Warranty Group, which underwrites Amazon Protect in the UK and abroad, was purchased by Assurant for a rumored $2.5B. The acquisition could make it easier to expand Amazon Protect to new markets that are under Assurant’s umbrella of lifestyle protection products.

In Europe, Amazon runs product insurance with Amazon Protect

 

Amazon also teamed up with the insurtech startup Next Insurance to provide eligible Business Prime members with access to small business insurance policies. In less than 10 minutes, users can purchase professional liability, commercial auto, general liability, and other types of insurance coverage. Small business owners get a certificate of insurance christmas tree in the park san jose. Amazon Business Prime customers also get a 10% discount for purchasing professional liability and general liability policies.

Meanwhile, Amazon made an early insurance pay amazon credit card phone number in India by leading a $12M investment in insurtech startup Acko in May 2018, as well as taking part in a $60M funding round closed in 2020. Acko offers traditional car and bike insurance policies, but it is increasingly focused on “internet economy” deals, which primarily consist of e-commerce, travel, and ride hailing-focused products such as an in-trip insurance program with Ola. On its new investor, Acko CEO Varun Dua said,

“The idea is to find some way to collaborate in the future. We’re a new age insurance company and [Amazon] believes it can create value.”

In September 2018, Amazon made its interest in the insurance market in India even clearer when it filed with the country’s Registrar of Companies to begin selling its own health, life, and general insurance products. In March 2019, Amazon received its corporate agent license from the Insurance Regulatory and Development Authority of India, clearing the way for the company to proceed further.

Amid the Covid-19 pandemic, Amazon began offering cost-free health insurance to its sellers in India, with Acko handling the policies, claims, and reimbursement.

In September apply for merrick credit card, Amazon rolled out a pilot for Amazon Care, a health insurance service for its employees in the Seattle, WA area. It comes as part of the company’s joint venture with JPMorgan Chase and Berkshire Hathaway, called Haven Healthcare. But this venture disbanded in early 2021 as many of its initiatives failed to take off.

Amazon is instead moving forward on its own. In March 2021, the company announced the rollout of Amazon Care to its employees in all 50 states. And in the next stage, this telehealth service will be offered to other employers as well.

Spain-based BBVA has also begun to operate product sales on Amazon. This relationship could lead to the sale of the bank’s various products, including insurance.

Because Amazon would get a cut of each financial service transaction made on its platform, it may look to get other banks and financial institutions to sell their services online.

Amazon’s market strategy outside the US

According to Morgan Stanley Research, Amazon’s long-term top line is 2-3x more exposed to emerging markets than that of rival Alibaba. Amazon is aggressively entering emerging markets to expand, but also to pilot and take a deeper role in developing new financial services products.

These emerging markets are attractive because of rapid mobile internet adoption, a lack of legacy infrastructure, and a growing number of the population entering into the middle class. Three of the most notable markets where this is taking place today are India, Mexico, and South America.

Amazon financial services in India

Growing its presence in India is core to Amazon’s broader market strategy, and the company has reportedly invested $6.5B of the $7B it verbally committed to the country (up from a $5B commitment it laid out in 2016).

In January 2020, Amazon announced an additional investment of $1B into the country to help India-based SMBs sell online via its platform. Bezos said that he expected the retailing platform to export Indian goods worth $10B by 2025.

In June 2020, Amazon launched its Smart Store feature in India through its Pay arm. The feature allows small businesses to set up a digital storefront on the Amazon marketplace that customers can access by scanning a QR code. Customers can then make online payments through their Amazon wallet, credit and debit cards, or in monthly installments.

Amazon’s investments and M&A are concentrated in India

Amazon’s global fintech investments and acquisitions are light compared to the company’s broader portfolio bets. However, a majority of those it’s made have taken place in India, aligned with the company’s strategic desire to expand in the country, enable SMBs, and drive more marketplace sales.

Amazon's fintech investments and M&A are concentrated in India

Payments

Similar to its US strategy, Amazon is investing in enabling faster, frictionless payments to help boost marketplace sales — always a key focus for the e-commerce giant.

In Q1’16, Amazon acquired Emvantage Payments, which was quickly integrated into Amazon Pay and relaunched as a digital wallet in December 2016.

June 2018 marked the fifth anniversary of Amazon’s e-marketplace in India. To celebrate, Bezos wrote a letter to customers offering cash back of Rs 250 ($3) — to be paid into Amazon Pay wallets — for customers who shopped online for goods worth Rs 1,000 ($13). The move strategically pushed consumers toward Amazon Pay, which reported early losses of Rs 177 crore ($26.6M) on income of Rs 7.4 ($1.11M) crore for FY17. The losses surged to Rs 1,868 crore ($257M) on an income of Rs 1,370 crore ($189M) in FY20.

Some of that burn is the result of the fixed operating costs to set up the business, but is also money spent in promotional offers to acquire customers. Amazon has a firm belief that its customer lifetime value (LTV) exceeds its customer acquisition cost (CAC), which is why it continues to be competitive on price.

Amazon is unafraid to burn cash to win in payments in India

At the time, Amazon also announced it would inject more capital in its Indian digital payment business. In March 2021, Amazon Pay in India raised around $31M from the company’s subsidiaries in Mauritius and Singapore, bringing its total capital raised to more than $700M.

In addition to cash, the company is also launching new services and ramping up investments in startups.

In January 2018, Amazon Pay rolled out the Doorstep feature, a cash pickup service that allows customers to load money into their Amazon Pay digital payment wallets. Users can top up their balances using cash for digital services including food delivery, bill payment, and mobile recharges.

Amazon Pay rolled out the Doorstep feature

In Q3’16, Amazon also invested in prepaid gift card services company Qwikcilver. The gift card system has since been integrated into Amazon Pay and can be used as a form of payment on the Amazon India marketplace. In Q2’18, Qwikcilver partnered with Xiaomi’s Mi.com to offer electronic gift cards that redirect buyers to Amazon.

In May 2018, Amazon co-invested with Mastercard in an $8M Series B to ToneTag. ToneTag is a contactless payments hardware and software provider that can be integrated at both merchant (e.g. mobile, point of sale, card readers) and customer (e.g. mobile wallet, mobile banking apps) interaction points.

The ToneTag platform is now integrated into Amazon Pay, which expands Amazon’s reach to ToneTag’s reported 50M consumers (including merchants, parking garages, and restaurants) and 25,000 Retail Pods (the company’s hardware product that merchants use to accept payments) in India. This partnership will also expand Amazon Pay in India to offline commerce, a milestone that took the company over a decade in the US.

ToneTag is a contactless payments hardware and software provider

In August 2018, Amazon acquired Tapzo, an all-in-one mobile platform based in India that aggregates a variety of apps in one place. The move could allow Amazon to facilitate flight booking and other diverse transactions.

Further, this type of tool should help Amazon learn how to seamlessly integrate product and service offerings in one platform. Watch for lessons from this kind of all-in-one functionality to spread to other markets, including the Americas.

Amazon has also partnered with a handful of on-demand, high-frequency businesses including food delivery app Swiggy and ticketing app BookMyShow, all of which could boost payment processing volume.

Amazon is focusing on high-frequency transactions in India to boost payments

In April 2019, Amazon launched a peer-to-peer payments feature for Amazon Pay in India. This allows users to make payments to friends and family, in addition to using the digital wallet for making purchases online and in stores.

Lending

One of Amazon’s first equity investments in 2018 was a $22M Series C-II investment in Capital Float, a platform that provides working capital finance to SMBs in India. Following the investment, the company reported it had 80,000 customers across 300 cities, issued $170M in loans, and disbursed 10,000 loans on a monthly basis. In April 2020, Capital Float raised an additional $15M from existing investors including Amazon.

Capital Float has also expanded into point-of-sale financing for retailers, launched an online payments gateway for borrowers to repay loans, and started piloting alternative underwriting models.

This investment complements Amazon’s broader push to support SMBs. In 2017, Amazon partnered with the Bank of Baroda to provide loans to thousands of Amazon’s e-sellers to help suppliers expand their operations and finance inventory during seasonal spikes.

In June 2018, Amazon launched a new lending experiment in India, a marketplace for lenders and sellers to obtain a competitive loan. Amazon has already onboarded 5 lenders to the platform including portfolio company Capital Float, Capital First, Bank of Baroda, Aditya Birla Finance, and Yes Bank.

In April 2019, Amazon announced its first lending API integration with the lending platform FlexiLoans. With this partnership, Amazon sellers in India can get loans set up directly in their Amazon Seller Dashboard. FlexiLoans offers underbanked Amazon sellers funding and collateral-free loans, and processed 10,000 loans between 2016 and 2019.

On the consumer side, Amazon offers a credit card in partnership with ICICI Bank that provides 5% cash back on all Amazon purchases for Prime members and 3% cash back for non-Prime members.

In April 2020, Amazon launched its Amazon Pay Later service in India in partnership with Capital Float. Pay Later is an instant credit service that allows interest-free purchases on Amazon.in and bill payments of up to $800.

Insurance

One of Amazon’s recent investments in India-based insurance was a $60M Series D in September 2020 to Acko, which brought the company’s valuation to $500M. The investment is a follow-on round from a $12M Series B investment in Q2’18, which Amazon also participated in.

Acko reports having 60M customers pay amazon credit card phone number its platform for B2C and B2B coverage, as well as third-party micro-insurance for ticket cancellation, ride-hailing, and driver protection. Ola, redBus, Zomato, UrbanClap, and Amazon are among the 15 companies that use Acko for coverage.

In 2019, Amazon received a license to start selling third-party insurance products in India. In addition, the company launched a feature to enable payments of insurance premiums in India through its Amazon Pay wallet, and has been pushing the car insurance product offered by Acko on its platform.

India presents a vast opportunity for Amazon to experiment with its insurance business. Overall insurance penetration in the country increased from just 2.7% to 3.7% between 2001 and 2019, meaning there are plenty of potential customers for the company. The overall value of the insurance market in India is estimated to be worth over $200B in the coming years.

Challenges

From 2014 to 2020, Amazon invested $6.5B in India. But the company is yet to turn a profit and is facing a number of challenges. For one, long-standing rules in India allow foreign e-commerce players to act solely as marketplaces that connect buyers and sellers, so companies like Amazon or Walmart’s Flipkart can’t hold items and sell them on their platforms. These and other e-commerce players bypassed this rule by operating through joint ventures with local companies that acted as inventory-holding firms.

This loophole was closed in December 2018. Local authorities adopted new rules that prohibit foreign e-commerce companies from listing items of sellers in which they have an ownership stake. Amazon, Flipkart, and other foreign e-commerce businesses then had to delist thousands of items from their stores. They also had to make investments in sellers even more indirect.

India seems bent on tightening these rules further. At the beginning of 2021, the government started discussing new rules that would forbid foreign e-commerce firms from holding a stake in sellers through their parents. Amazon may especially be hit hard by this policy change. The retail giant has indirect equity stakes in 2 sellers that account for more than a third of its sales revenue in India.

Reliance Retail boasts a number of popular brands that compete with Amazon

Reliance Retail boasts a number of popular brands that compete with Amazon.

Amazon is also facing growing competitive pressure. Reliance Retail, a retail arm of India’s conglomerate Reliance Industries, has announced it would buy the retail chain Future Group. Amazon is trying to prevent this deal. The US retailer claims its ownership in one of Future Group’s firms gives its right to first refusal and has taken this case to court. Also, Reliance Retail and Reliance Industries-owned telecom giant Jio Platforms have secured the financial backing of Facebook and Google. Amazon thus urgently needs to acquire Future Group to fuel its growth amidst growing competition in India’s $200B e-commerce retail market.

Amazon financial services in Mexico

Amazon has quickly learned from expanding financial services in India and is looking to apply what it’s learned to other developing markets, notably Mexico.

Since March 2017, Amazon has launched Amazon Prime, Amazon Cash, and Amazon Cash debit cards in Mexico. All align with Amazon’s broader strategy of building a low-friction payments service to attract customers online and then providing shoppers an alternative to credit and debit cards to build loyalty.

Payments

Amazon Cash launched in Mexico in October 2017. Similar to the US model, it allows customers to reload their accounts through deposits (up to 10,000 pesos, or $444) at convenience store chains such as 7-Eleven and other merchants pictured below.

In March 2018, the company launched a debit card with partner Grupo Financiero Banorte, a Mexican bank, called Amazon Recargable (Rechargeable). Like Amazon Cash, customers can deposit cash on the debit card at pay amazon credit card phone number stores across the country.

Payments is Amazon's entry point in Mexico

Amazon’s financial services push is significant for Mexico because many customers are unbanked. This may give customers access to a debit card for the first time, as cash is the preferred payment method for approximately 90% of all purchases. These hurdles mean Mexico is an untapped opportunity for Amazon to convert offline purchases to online commerce.

In March 2019, Amazon was reported to be working on a mobile payment system in partnership with Mexico’s central bank. The system, also known as CoDi, allows people to use QR codes to pay for purchases made both on- and offline.

CoDi rolled out first as a small pilot that spring, with a complete rollout in October 2019 with 33 participating banks.

Amazon’s main retail business still lags behind that of competitor MercadoLibre in Mexico, so owning more of the country’s payments infrastructure could be a powerful lever for Amazon to use to catch up.

Amazon financial services in South America

Amazon is expanding its footprint across South America. The US giant is forming partnerships with payment processors, growing its distribution network, and expanding data center infrastructure. And although it still doesn’t offer its cards or insurance options in South America, Amazon is preparing the groundwork needed for such services.

Amazon partnered with fintech firm dLocal to enable Chilean customers to pay in pesos while shopping on Amazon. Shoppers can also pay in 3 monthly interest-free installments using Visa, American Express, and Mastercard credit cards issued by banks in Chile.

Customers in Colombia will have an equally seamless shopping experience. Amazon teamed up with payment solutions company EBANX to enable Colombian shoppers to pay for goods in local currency and using local payment methods. EBANX offers over 100 localized payment solutions in other countries, including Argentina, Peru, Bolivia, and Uruguay, and could help Amazon with regional expansion. And until now, shoppers in Chile or Colombia could only pay in local currency if they used Amazon PayCode as a checkout option.

Brazil remains the largest retail market in South America. But Amazon lags behind other e-commerce players such as MercadoLibre, B2W, and Magazine Luiza that dominate this market. To catch up with the competition, the company rolled out Prime Day in September 2020 for the first time, and also expanded its logistics hubs to offer Prime deliveries in 500 cities. In February 2020, the company also announced plans to invest $236M in Brazil’s cloud infrastructure.

Rumors: What will Amazon do next?

If there’s anything we’ve learned from Amazon, it’s to never say never. After the news broke that Amazon was looking to offer a checking account-like product, mentions of Amazon and banking crossed over 600+ media mentions. Although the company has since scrapped the idea, the media attention remains.

The media loves to speculate about the threat of Amazon and big tech on banks

In that spirit, here are some of the noteworthy rumors in the wild:

Rumor:Amazon’s banking ambitions post-Bezos will grow.

Source: The Financial Brand

Why it’s interesting: Jeff Bezos has been a driving force behind many of Amazon’s key initiatives. It comes as no surprise that his transition to the role of executive chairman and the appointment of Andy Jassy as the new CEO raises lots of questions. For one, financial organizations wonder what Amazon’s future banking ambitions are.

Jim Marous, an expert on the digitalization of banking, says that “the decision by Bezos to step down from his current position will most likely only strengthen the commitment to financial services by Amazon.” Also, Jassy worked with Capital One, Stripe, Robinhood, and various other financial companies while leading AWS. And this experience may prove to be invaluable in helping Amazon innovate in the finance field.

Alyson Clarke, the principal analyst at Forrester, also points out that Amazon is likely to continue partnering with other financial institutions. She doesn’t think that “Amazon will — or needs to — get a license and become a bank. Any ambitions they have can be done via partnerships.”


Rumor: Amazon is building a digital currency

Source:Coindesk

Why it’s interesting: Several job postings revealed that Amazon is assembling a team to work on a digital currency project in Mexico. One job posting noted that the product Amazon is about to build will “enable customers to convert their cash into digital currency” and then use that currency to shop for goods and services, including Prime Video.

Amazon’s Digital and Emerging Payments (DEP) division is in charge of this payment product. Another job posting said that the currency is geared toward emerging markets. It remains unclear what the value proposition of Amazon-owned currency is and whether it is blockchain-based.

Perhaps the currency could be used to send money abroad to friends and family to buy specific products from Amazon’s stores. Whatever the case, Amazon has once again shown its willingness to experiment with different technologies.


Rumor: Amazon is going deeper into the home

Source: July 2019, NY Times

Why it’s interesting: Amazon has previously worked with residential real estate brokerage Realogy to create TurnKey, a service to connect buyers and realtors on Amazon’s marketplace. However, the partnership between Amazon and Realogy was suspended in mid-2020 because of the Covid-19 pandemic. Realogy CEO Ryan Schneider said that “home services that require people being in someone’s home just doesn’t work in a Covid-kind of social distancing world.”

Nevertheless, Amazon is trying to wedge itself deeper into the home. By getting ahead of buyers as they start their search and incentivizing them with Amazon services, the company is aiming to create a massive cross-selling opportunity for its products.

It’s also a new way to grow distribution for its portfolio of home hardware devices such as Ring, smart devices like Alexa, and services like Amazon Home Services installation. The move could also help Amazon expand into home insurance or mortgage offerings.

Further reading: It’s Not Just Your Smart Speaker. How Amazon Is Coming For The $50T+ Commercial and Residential Real Estate Industries


Rumor:Amazon reportedly had discussions about offering home insurance

Source: June 2018, The Information

Why it’s interesting: This rumor is based on an anonymous source that reported Amazon had discussions about offering insurance in conjunction with its connected home devices. However, none of Amazon’s existing investments or products tie to home insurance, at least in the US. While the company has made insurtech investments in India (such as in Acko) and a partnership in the EU to offer Amazon Protect, acting as more than a distributor of existing home insurance products seems unlikely.


Rumor: Amazon is getting into mortgages

Source: March 2018, Housing Wire

Why it’s interesting: While Amazon has not made concrete plans, it has been making a series of strategic hires for lending with a focus on mortgage banking. The company hired a head of its newly formed mortgage lending division. In addition, the firm has a number of home services businesses such as Alexa, Prime streaming, and Amazon Fire Stick, and this could be its next move in owning the home.


Rumor: Amazon is getting into health insurance

Source: January 2018, Engadget

Why it’s interesting: Amazon has signaled that it is looking at healthcare seriously. Td banknorth garden basketball seating chart 2017, the company posted several internal job openings for a new stealth team called the “1492 squad,” relating to the use of medical records. It has also invested in cancer startup Grail, participating in the company’s $914M Series B in Q1’17, and has hired a healthcare and life sciences director away from Box.

Amazon also acquired Health Navigator, a startup that helps check symptoms and determine triage online, and added the features to its pilot of Amazon Care.


Rumor: Ripple is helping Amazon with cross border payments

Source: May 2018, CryptoDaily

Why it’s interesting: While cryptocurrencies saw a huge spike in interest in 2017, many of the world’s most prominent figures in financial services — including JPMorgan Chase CEO Jamie Dimon and Berkshire Hathaway CEO Warren Buffett — have outwardly cast it aside as mass speculation. Amazon is known to take unconventional approaches to solve customer pain points, so it would not be surprising if it were to explore applications of blockchain across financial services products.


Rumor: Amazon and PayPal are meeting with bank regulators to expand their financial services

Source: December 2017, American Banker

Why it’s interesting: Amazon and some other FAMGA (Facebook, Amazon, Microsoft, Google, Apple) members have been making headlines with rumors of moving deeper into financial services. Skeptics have punted back that the complexity of the regulatory landscape would inhibit them from entering the market. News that the firms are connecting with financial regulators suggests that regulations are not an inhibitor, but rather just an obstacle, and meeting with the Office of the Comptroller of the Currency (OCC) is one way to get the conversation going to overcome it.

Following this meeting, the OCC worked on a fintech charter for tech firms, including Amazon, which was supposed to include a centralized application that would give tech firms a limited (but universal) financial license vs. having to go state by state for approval. However, a federal court ruled in October 2019 that the OCC did not have the authority to issue such a charter. The OCC plans to appeal the decision.


Rumor: Amazon is buying Capital One

Source: February 2017, American Banker

Why it’s interesting: This rumor was one of the earliest that suggested Amazon would buy a bank. Amazon has a decent amount of cash on its balance sheet and could use that cash to buy a small regional bank. Capital One, in particular, is already operating on the AWS cloud and is looking to make further inroads into personal finance, so it could be a good combination.

Closing thoughts

Amazon’s strategy in financial services has been focused on supporting its core strategic goal: increasing participation (both from buyers and sellers) on its platform.

In practice, Amazon has relied much more heavily on internal product development than partnerships, M&A, or investments to broaden its financial services offerings. Relative to its FAMGA cousins (which have been much more active on the M&A and investment front), this is a surprising strategic decision. What’s not surprising is to see Amazon methodically seed, invest, and nurture a product line with a distant horizon in mind.

Zooming out a bit further, one can see the beginnings of what the Bank of Amazon could look like — a variety of key financial services products that support Amazon participants first, and enable them to buy, sell, and transact more easily than any other platform.

And that potential Bank of Amazon should worry traditional incumbents. If history provides a useful lesson, it’s that Amazon first builds core product pillars for itself, where it is the only and most important customer. This was most famously the case with AWS, which was the result of overhauling its own internal capacity for cloud services that were later repurposed for external clients and third parties. Only after years of building a product and iterating on features for itself does Amazon launch and expose a key product pillar to other customers.

When that point comes with finance, it will likely be too late for incumbents that have not yet responded.

Additional reading:

Amazon Strategy Teardown: Amazon’s Barreling Into Physical Retail, Financial Services, Healthcare, And AI-Led Computing

Amazon Vs. Alibaba: How The E-Commerce Giants Stack Up In The Fight To Go Global

How 5 Tech Giants Are Leveraging Data To Reinvent Lending


This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like: If you aren’t already a client, sign up for a free trial to learn more about our platform.

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Источник: https://www.cbinsights.com/research/report/amazon-across-financial-services-fintech/

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