Online Shopping Giant, Amazon, is Creating a Digital Currency for Prime Members in Mexico
Amazon's new product will enable customers to convert their cash into digital currency, which then will be used to enjoy online services.
According to the job posting for a “Software Development Manager – Digital and Emerging Payments” by e-commerce giant Amazon is ready to take the digital currency route as well.
The description for the job points out that digital payments are chartered to innovate. As such, the company is building a tech team to “build innovative payment products for customers in emerging markets.”
Mexico has been chosen as the initial launch country for the new payment product. The product will enable customers to convert their cash into digital currency using which customers can enjoy online services, including shopping for goods and/or services like Prime Video.
The software development manager, who has an engineering background, will be designing the technical solutions.
This week is tuning out to be great for the cryptocurrency market in terms of institutional crypto adoption. Besides Amazon creating a digital currency, Mastercard is allowing the merchants to accept cryptocurrency payments after Tesla announced that it has purchased $1.5 billion worth of Bitcoin and will accept Bitcoin payments.
“Incumbent payment platforms are embracing digital currency solutions that are more equipped for the borderless, internet-enabled economy,” said John Wu, president of Ava Labs, who calls Mastercard’s crypto integration a “structural shift.”