Amazon preparing to launch its cryptocurrency payment project

Amazon has plans to launch a cryptocurrency project in Mexico
  • Amazon is preparing to introduce a new virtual currency payment product
  • Using the product, e-commerce will allow its users to convert cash to cryptocurrencies
  • Using such cryptocurrencies, the users can enjoy several online services offered by the firm
  • Amazon is focusing on launching the payment product in emerging countries

Amazon, the e-commerce giant in the world, is now preparing to roll out a cryptocurrency project in Mexico. The official announcement of the project is yet to come. Indeed, the project is sketched out across a series of job posts. The posts appear to be an effort to keep lucrative Amazon Prime customers eternally plugged into the e-commerce giant’s platform. The digital currency product is expected to enable consumers to convert their cash into cryptocurrency.

Amazon seems to roll out its new payment product

Following the series of job posts sketched out by Amazon, it is observed that the e-commerce giant is planning to roll out new payment products. According to the post, the customers will use the latest product to convert cash into garden-type cryptocurrency. Using digital currency, consumers can enjoy online services offered by the e-commerce giant. Such online services will also include shopping for goods and services like Amazon Prime Video. However, the e-commerce giant is hiring all levels of software development engineers to staff up for the launch of the new product.

The payment product focused on emerging economies

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Following one job post by Amazon’s Digital and Emerging Payments (DEP) division, it is found that the firm is planning to launch its payment product in Mexico. The post stated that the firm realizes its three-year vision with a brand new initiative for emerging countries. Following the aforementioned statement, it seems like the payment product will appear to be widely focused on emerging markets. The Mexican market would be great for the e-commerce giant. Additionally, the firm’s next target would be offering Brazilian customers an end-to-end payment experience.

Cryptocurrency payments might be hype in the coming years

Every eye in the cryptosphere is witnessing how the digital payments industry is emerging. Over several years, Amazon has invested in operations globally. It is observed that in developing nations like India, the e-commerce giant is facing intense competition from locally grown but now foreign-owned platforms like Flipkart. Following the scenario, Amazon planned to start several payment services. Recently Tesla also revealed its intention of accepting Bitcoins in exchange for its products. Following the current scenario, we can conclude that digital currency payments are getting mainstream, especially among large firms.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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