Will Amazon Accept Cryptocurrencies Soon?
In a new job posting today by Amazon, the company suggests it has an interest in adding cryptocurrencies like Bitcoin as a payment method for its shopping sites.
- Do you need a business bank account for your online business? Have a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits.
- Boost your social media engagement with Publer. Learn how you can save time writing engaging content faster with AI. [sponsored]
- eBay to compete with sellers now!
- New stamp prices and fee increases are coming from USPS on July 9.
- SMALL BUSINESS WEEK SPECIAL: Three tips for SMB ecommerce success in 2023.
For the new job position of Digital Currency and Blockchain Lead, the company says, “Amazon processes billions of secure online transactions via numerous payment methods and capabilities around the globe. The Amazon Payment Acceptance & Experience Team is responsible for how Amazon’s customers pay on Amazon’s sites and through Amazon’s services around the globe.”
“The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap. You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.”
While Amazon has previously searched for software engineers to develop crypto tools for Amazon AWS, this appears to be the first time the company is seeking a person to develop the capabilities for Amazon to accept cryptocurrencies.
How Soon Could Amazon Accept Cryptocurrencies?
There are no clues on an estimated timeline for Amazon to accept cryptocurrencies. Actually, the job listing appears to suggest the candidate will have to develop the “vision and strategy for Amazon’s Digital Currency and Blockchain strategy and product roadmap.”
How long that may take, what the final product will look like, is still anyone’s guess.
Other mainstream payment processors such as PayPal, Venmo, Square have already entered the digital currency space. But to date, they do not allow the use of cryptocurrencies for payments. Users of these services can only purchase, hold, and sell specific digital currencies for investment purposes only.
If Amazon develops its platform to accept digital currencies, it will not be the first marketplace to do so.
Newegg, the online electronics marketplace and retailer, has been accepting cryptocurrencies since 2014 and even recently added Dogecoin as one of the payment options.
But comparatively speaking, there is a huge difference between Amazon and Newegg. Should Amazon accept cryptocurrencies in the future, it would be a significant step to bring digital currencies into the mainstream for shopping, instead of just speculative investing.
Subscribe to Our Newsletter
We do not sell your information.
You can unsubscribe at any time.
Head over to our Facebook Group for Small Business Marketplace Sellers and interact with us and other small business owners. Follow us on Facebook, Twitter, or LinkedIn to stay up to date with relevant news and business insights for your online business.
Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.