Amazon seeks to wean Mexico off cash
In an effort to encourage more Mexicans to shop online, Amazon is promoting a new payment system whereby shoppers can deposit funds into their Amazon accounts via kiosks at local convenience stores, Bloomberg reports.
Why it matters: Developing countries' e-retail sectors are hemmed in by their customers lack of access to credit cards. In places like India and China, e-commerce firms have worked around this by enabling delivery workers to accept cash, a solution that isn't viable in countries like Mexico where assaults and robberies are common.
The move is starting a trend. Latin America's largest e-commerce platform, MercadoLibre, is rolling out a similar program, while Walmart's Mexican division is installing cash-depositing systems at its stores as well.