Thursday, April 11, 2019

Amazon Executive Says Cashless "Go" Stores Will Begin Accepting Cash (AMZN)

The number of unbanked consumers quoted deeper into the story actually seems to be an undercount.

From CNBC:

Amazon exec tells employees that Go stores will start accepting cash to address ‘discrimination’ concerns
  • Amazon’s Steve Kessel, who runs physical stores, said last month that the company plans to add “additional payment mechanisms” to its Go stores.
  • A spokesperson confirmed Kessel’s comment but didn’t provide a time frame for the change.
  • The move comes as a growing number of cities and states are enacting laws that require stores to accept cash.
Amazon Go stores, which let customers buy items without waiting in checkout lines, will start accepting cash, amid intensifying criticism that the company is discriminating against the unbanked.

In an internal all-hands meeting last month, Steve Kessel, Amazon’s senior vice president of physical stores, told employees that the company plans “additional payment mechanisms” at its Go stores. Kessel was responding to a question about how Amazon plans to address “discrimination and elitism” at the cashierless stores, which charge purchases using an app connected to a bank or credit card.

Kessel highlighted some of the new payment methods Amazon has recently added to its site, including a pilot that accepts government subsidized SNAP benefits and a new program called Amazon Cash, which lets users add cash to their digital accounts by bringing money to a local store like 7-Eleven or CVS....MORE