Binance CEO Shares His Idea To Resolve Amazon’s Payment Processing Issues

Issues In Payment Processing At Amazon Could Be Resolved By Idea From Binance CEO

The Binance CEO, Changpeng Zhao (CZ), has plenty of experience in the payment issues that can plague a platform, but that experience has made it possible to overcome it as well. In fact, Binance’s experience and information have led the CEO to believe that he can help the businesses in e-commerce to expand their global reach with the use of cryptocurrency.

Posting to Twitter, CZ said,

“For any internet (non-physical) based business, I don't understand why anyone would not accept crypto for payments. It is easier, faster, and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.” In the same thread, CZ commented that “Amazon will have to issue a currency sooner or later.”

A payment system provider named WorldFirst emailed to Amazon that they would no longer be allowing operations for the United States, according to an email. The email provided no logic or reason but set deadlines that they would close the accounts of sellers through their system. The email sent to sellers read, “We are writing to share some news that affects you as a US-based customer of WorldFirst. The WorldFirst shareholders have taken the decision to discontinue the US operations. As such, we will no longer be able to offer our products and services to you.” Presently, Amazon is working on a new deal for payment services through Payoneer, a major competitor to WorldFirst.

Last year, the limitations outlined by the Trump administration for the Committee on Foreign Investment in the United States (CFIUS) stopped an acquisition of MoneyGram by Ant Financial. The acquisition would have taken place for $1.2 billion. The CEO had said that they were looking to go outside of Chinese banks, citing their intention to release an IPO as well.

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