Job listings that were recently visible on Amazon's website have stirred speculation that the company will be making a foray into the digital currency scene. The move could be yet another indicator that the Seattle-based giant's expansion, which has been exponential over the last decade, is only just getting started. The pandemic saw the company boost profits, with numerous consumers moving their purchases online, but it can only be imagined how potent the company would be if it were to leverage the trend of digital currency to push its user base toward further dependence.
From Bitcoin to even Dogecoin, money in 2021 appears to be following the same trajectory as its handlers: that is, it's transitioning more to a life online. There are thousands of digital currencies now on the market, and, with people like Elon Musk playfully encouraging a cryptocurrency dogpile, the trend doesn't show any signs of slowing.
Though the exact nature of Amazon's involvement in this market is unknown, the job descriptions recently posted on the site did reveal some general waypoints toward the e-commerce mainstay's intentions. According to CoinDesk, when describing the digital currency under development, one excerpt claimed it would “enable customers to convert their cash into digital currency" and how it could be spent on "online services including shopping for goods and/or services like Prime Video." The job listings also revealed the kinds of roles Amazon was looking to fill for its virtual mint: software engineers. This suggests that Amazon's currency is still very much in the prototype phase. In addition, the company's Digital and Emerging Payments (DEP) division is expected to first roll out in Mexico, presumably as a test market.
The Potential Benefits of Going Digital
Even though digital currencies are still controversial among more traditionally-minded investors, the recent successes of Bitcoin, along with the litany of benefits associated with this form of payment, indicate that Amazon's experiment in the Mexican market could be fruitful. For instance, users of an Amazon-branded digital currency may be able to reap the benefits of peer-to-peer transactions, meaning that they would be free to exchange their digital dollars with anyone in the world, without the oversight or interference of a bank or entity. Furthermore, if this currency is anything like Bitcoin, users also wouldn't have to stress about fees associated with things like minimum balances, overdrafts, or returned deposits.
It's possible then that Amazon is endeavoring to find new ways to keep its customers on its platforms, no matter what they're buying. However, Amazon has so far released no formal statement regarding its plans to enter the digital currency market. Whether this will be a way to shore up user loyalty among Amazon Prime members for various products or if this is just a way for the company to apply the advantages of digital monetary exchanges to its platform remains to be seen.
Source: CoinDesk