crypto payments have been around for a long time, but they’ve never taken over major retailers.
As of October 2018, Amazon accepts payments in the digital currency Bitcoin (BTC). In 2017, when the Bitcoin bubble was at its peak, Amazon accepted the cryptocurrency on behalf of some customers. This helped with their sales, and may not be going away any time soon.
Amazon also accepts payments in cryptocurrencies for certain items. For instance, the site accepts BTC to purchase items on Amazon.com.
Does Amazon Accept Cryptocurrency In 2022?
Although Amazon does not accept cryptocurrencies, it is looking to work toward accepting it in the future. Amazon has held job openings for cryptocurrency and blockchain product development since July 2021 indicating the company is looking into this technology.
In case you’d like to learn more about Amazon’s stance on cryptocurrency, including Bitcoin, XRP, and ETH, then check out the rest of our detailed guide!
Is There Anyway To Pay With Crypto On Amazon?
But, the good news is that, starting September 18th, you’ll be able to buy and sell cryptocurrencies on Amazon. Just be sure to register the Coinbase Card to your Amazon account in the process.
The Coinbase Card is like a Visa Debit card and works on the Coinbase platform. You can load money on it with the Coinbase app. At the end of each month, you can either cash it out in U.S. dollars or store it in the Coinbase account to be used elsewhere.
If you want to buy something on Amazon with crypto, it is not possible with the Amazon website and app. You need a special merchant account in order for you to be able to accept crypto payments.
A few weeks ago, Amazon told CNBC that they are not considering support for crypto in the near future.
A post on the crypto subreddit shows that Amazon currently accepts Bitcoin, Ethereum, and Litecoin.
Does Amazon Take Bitcoin?
Amazon doesn’t accept bitcoin but doesn’t it accept any other cryptocurrency? Well, not really. In fact, Amazon does not accept any form of cryptocurrency, neither digital nor traditional. They do take credit cards, debit cards, and Paypal, but it was made clear to us that neither of these methods can be used to pay for orders made through Amazon marketplace. Amazon does not allow crypto transactions from its platform.
You want to invest in Bitcoin, XRP, or ETH then we suggest that you make your purchases directly from the gaming sites and retail platforms that allow these currencies.
For cryptocurrency to become more and more mainstream, it is important for more merchants to accept cryptocurrency payments.
Most of the big retailers are accepting Bitcoin because of the benefits. They need to get rid of the Bitcoin volatility and they need to keep the Bitcoin price up to prevent losing out to the competition.
Why Doesn’t Amazon Accept Crypto?
The biggest reason why Amazon doesn’t accept crypto is because it’s so new.
Because of regulatory hurdles that may impede the growth of crypto currency,
it’s important for these companies and their customers to have a solid plan to
help them navigate this unchartered territory.
Considering Amazon’s size, and their reputation as a high-quality brand, it’s hard to imagine them taking a huge risk on a potentially untested currency like crypto if they aren’t confident in their ability to roll it out.
It’s changing daily and it’s not always in the top 10, but this is a new form of currency which needs to be given the chance.
If Amazon wanted to keep accepting this form of payment in the future, they would need to keep up with the different cryptocurrencies.
While it’s not the only major retailer that has not yet embraced cryptocurrency, it is a sign of the growing maturity of the blockchain technology and crypto-related industries.
Businesses that are new to crypto may find that acquiring and managing it is too much work for them to add to their workload. They may also feel that adding this type of technology to their business may make them less competitive.
It’s much more difficult to understand than it may sound but it’s important to know that cryptocurrencies are all about transactions, transactions mean value from one place to another and value is in fiat.
So it’s much more complex than just knowing it’s digital currency, it’s just using a wallet and sending it to somebody else.
Will Amazon Ever Accept Crypto?
Amazon was the first company to take payments in bitcoin. They have not announced plans to take payments in other cryptocurrencies.
While there are no imminent plans for Amazon to take crypto payments, there are a few reports that it may be on the horizon.
If so, many other e-commerce retailers that process payments through Amazon may be affected as well.
In December 2018, Amazon began accepting the Bitcoin cryptocurrency through its website and mobile apps.
That’s because Amazon posted an crypto-related job ad and Bitcoin values skyrocketed and suggested crypto payments may be coming sooner rather than later.
The job ad revealed that Amazon is looking for a Digital currency and Blockchain product lead to develop its strategy and product roadmap.
Amazon is developing blockchain technology. This is interesting because the company is also developing a central bank digital currency. If they succeed in this, their plan will be to bring Amazon and cryptocurrencies in the future.
If you do not own a credit or debit card, Amazon payments is the easiest and fastest way to pay on Amazon, but there is a catch – you need to have US bank account.
What Other Online Stores Accept Crypto?
Cryptocurrency payments are not an option for Amazon, but, like many other online platforms, accepts crypto.
Microsoft accepts Bitcoin, however, it was created by people in the crypto space and not by Microsoft. It is an independent company.
However, if you’re looking for a store to buy a Bitcoin or to exchange Bitcoins to euros, don’t shop around.
If you are interested in Bitcoin you can check with your favorite store and see if they support the new blockchain technology as it is being adopted in the world.
How Can You Pay On Amazon?
Amazon accepts most forms of payment, like credit cards and also bank transfers. It does not accept cryptocurrencies.
Visa is the most popular credit card in the world.
Mastercard is the card most frequently used by wealthy people.
Discover is the card most frequently used by people who are making a large purchase.
American Express is the card most frequently used by business people.
And of course, anyone who has a gift card or Amazon Store Card can shop on Amazon.com and use Amazon Payments.
Although the Amazon gift cards are really nice and many times worth more than the gift cards that are sold on Amazon.com, there is actually an opportunity to purchase Amazon gift cards at a better rate on Amazon Marketplace if the item you want is sold there, and you are eligible to purchase.
It is also a good idea to include your personal email you received in the survey at the bottom of your order receipt from Amazon as a reminder to check if the payment has been made.
If you want to learn more about other alternatives payment methods, you can visit our post on whether or not Amazon accepts Venmo. We also have a listing on Google Pay that you might find interesting to review.
Conclusion
Amazon has been hesitant about accepting bitcoin as a payment method. Although Amazon accepts other cryptocurrencies like Bitcoin Cash, they don’t accept them for payments.
In January 2020, we reported that a “cryptocurrency-related patent application” by Amazon was published, which led many to assume that Amazon was planning on accepting crypto payments. On April 19, 2019, the patent was published and its title was “Cryptocurrency payment method and system”. The patent appears to have been filed on December 21, 2018 and is still pending.
An internal job posting from July 2021 reveals Amazon is hiring a digital asset and blockchain product lead as the company is shifting focus to digital currency and blockchain technology.
As this technological development continues, shoppers can now pay using all major credit or debit cards, along with U.S. personal checking accounts or Amazon gift cards.
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Categories E-Commerce
About the author
I have always been a shopaholic. A lot of times my questions went unanswered when it came to retail questions, so I started Talk Radio News. - Caitlyn Johnson
