‘Amazon Bank’ Is Already Here, Without a Charter or Regulatory Approval
The Financial Brand
Would your financial institution ever send a service representative to a someone’s house or office to take a deposit? Not likely. But Amazon does.
“Deposits? Amazon?” you may be thinking. “Did I miss something?”
Maybe not in the U.S.
But in India, Amazon delivery staff already take cash deposits at people’s doorsteps. Amazon collects deposits from Indian customers through the Cashload feature in a version of Amazon Pay. Many Indian customers prefer to pay for deliveries in cash, on arrival. Amazon allows them to warehouse any surplus cash from their purchase in their Amazon Pay account. They can also deposit additional funds against future order.
The balances can also be used to pay other bills through partner websites and apps, such as utilities and online charges, and for Amazon services, such as Prime Membership. The accounts also hold gift card balances and credits for returns. Spending and balance tracking are included.