Amazon branching out a bit?
Welcome to the Bank of Amazon (AMZN) .
The e-commerce giant has launched a capability for UK shoppers to pay for products and services using cash, ACCORDING TO TechCrunch. Dubbed Amazon Top Up, customers can load £5 and £250 into their Amazon UK account, the report says. The service mirrors Amazon Cash, which launched in the U.S. in April.
While the cash put into the account cannot be withdrawn — so technically Amazon isn’t a bank — it does help underbanked people shop on the internet platform.
Regardless, there is no denying Amazon is at least starting to look like a bank.
Amazon said in June that its Amazon Lending service surpassed $3 billion in loans to small businesses since it was launched in 2011.