Over half of shoppers on Amazon.com Inc. (AMZN) would consider embracing a cryptocurrency created by the online retail giant to shop on its site, according to a recent survey by LendEDU. As the Seattle-based tech giant pushes into new markets outside of its core e-commerce platform -- disrupting traditional industry players in segments such as grocery, health care and delivery -- taking on the banking system might be a logical step for the company in the long-term. (See also: Amazon Market Cap May Cross $1 Trillion in a Year.)
Some 52% of the 1,000 Amazon customers survey marked "yes" to the idea of an Amazon-created cryptocurrency for upcoming purchases, the company said on Wednesday. Amazon Prime members, who pay a monthly subscription fee for perks such as fast, free shipping and exclusive access to media content, were even more upbeat regarding the concept of an "Amazon-coin." The LendEDU survey reported that 58.3% of Prime users said they would use a company-created digital currency. About 22% of Amazon shoppers marked that they would not consider using an Amazon coin, while 26.4% said that they were "unsure."
A Matter of Trust
As for the public's stance on Amazon taking on the banking space at large, almost 50% of shoppers said they would use a savings account created by the e-commerce and cloud computing behemoth. Approximately 45% said they were open to changing to Amazon as their primary bank account. Only 14.9% of respondents were closed off to opening an Amazon savings account, compared to the 17% of shoppers who indicated that they would have most trust in Amazon than a bank and the 38.3% that said they would have "about the same level of trust" between the tech leader and a traditional financial institution.
Amazon, which does not currently accept digital currency, bought website domain name Amazonbitcoin.com in 2013, which redirects visitors to the Amazon homepage. Last year, the company registered three virtual currency-related domain names, in a move Amazon says was intended to protect its brand identity. Amazon's existing "Amazon Coins" program offers digital vouchers, which cannot be resold or transferred and that consumers can use on products such as Kindle Fire apps and games. (See also: Why Amazon's Stock Will Rise 15% Even Amid Grocery Price Wars.)