Online retailing giant hunting for Digital Currency Lead. Amazon crypto coming soon?
Although bitcoin has been around for more than a decade, for Amazon crypto has not yet become one of their methods of payment, but this may be about to change.
Recently the company kicked off speculation that Amazon crypto payments may be coming after they placed an ad for a “digital currency and blockchain product lead” for the platform’s payments team.
Amazon is hiring a digital currency and blockchain product lead for its payments team, according to a new job listing. The e-commerce giant is looking for an “experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.” The listing states:
You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.Amazon advertisement text
For Amazon crypto is not accepted as payment yet, but in a statement, the company says it has been “inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon.”
Even though Amazon does not accept bitcoin, it does accept gift cards. The Amazon digital gift cards act just like U.S. dollars and can be applied to all product purchases, and some gift card hubs, such as eGifter.com, Gyft, and BitPay, let you pay for their digital cards with bitcoins. This process does add extra steps and expense, but it does give a way around using Bitcoins.
Few speculations as to why Amazon is not accepting Bitcoins payments as of yet:
It’s volatility- The price of bitcoin is more volatile than the price of many other government currencies accepted by Amazon, so there could be some challenges in pricing products.
Cryptocurrency regulations – The uncertainty about the future might be keeping Amazon at bay.
Current agreements with other companies – Amazon’s contracts with major credit card companies such as VISA, MASTERCARD and other internationally recognized payment options.
Competitive digital currencies- Amazon might consider rolling out its own digital currency to avoid lending credibility to Bitcoin. Amazon had previously launched Amazon Coins in 2013 for games, apps, and in-app purchases.
Some of the outcomes of Amazon crypto payments explained
What are the future possibilities of Amazon to consider cryptocurrency payments?
As of July 2021, it does look like Amazon is at least entertaining a foray into crypto, whether that can be by accepting current cryptocurrencies or creating one of their own. Amazon’s recent job listing itself is the roadmap towards acceptance of cryptocurrency as a form of payment.