Binances very own CEO, Chanpeng Zhao or “CZ” for short, recently commented that giant eCommerce retailer Amazon will soon begin to issue their own cryptocurrency to be used for purchasing and selling its products. CZ commented on this through a recent Tweet about the need for internet-based businesses to integrate cryptocurrency as an optional form of payment for their consumers.
For any internet (non-physical) based business, I don't understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.— CZ Binance (@cz_binance) February 2, 2019
Amazon will have to issue a currency sooner or later.— CZ Binance (@cz_binance) February 2, 2019
CZ went off to say that cryptocurrencies are much cheaper and easier to utilize for payment than traditional fiat currencies which require tons of processes to successfully finalize payments. He further stressed out the fact that using cryptocurrencies will open the door for wider inclusion of customers from all over the globe rather than just those who have access to traditional payment solutions.
There is truth behind CZ words as cryptocurrencies are capable of paying for goods and services from anywhere in the world, whereas companies such as Stripe or Paypal only have their presence available in a select number of countries, thus denying millions of potential customers access to certain markets on the internet.
Adopting cryptocurrencies onto its platform will not only open up a whole new world of consumers for its online market but expand its base of operations as well. CZ is baffled why these kind of business are reluctant to adopt the global-wide payment option.
During the previous year, rumors about Amazon possible accepting Bitcoin as a form of payment option for customers were revolving around the net. Although, challenges that come from the volatility of cryptocurrencies, making refunds quite difficult as the value of an amount paid may descend after such payment is made prevented it from happening.
As for Amazon coming up with its own coin? During 2013 Amazon technically developed a coin of its own although it’s not known as a cryptocurrency. Amazon coin does not run on any sort of blockchain and can only be used to make purchases from apps, games and digital in-app items on smartphones.