Don’t expect to be able to pay for your Amazon shopping using bitcoin anytime soon. On Thursday, Amazon CEO Andy Jassy told CNBC that the e-commerce giant isn’t planning to accept cryptocurrencies as payment anytime soon. He did say, though, that Amazon may go into the selling of NFTs, or nonfungible tokens, another prominent blockchain-based technology.
Despite the fact that Jassy does not hold bitcoin, he recognizes the currency’s potential.
“We’re not probably close to adding crypto as a payment mechanism in our retail business,” he said, “but I do believe over time that you’ll see crypto become bigger.”
Amazon appears to be more concerned with maintaining its retail operation viable in the face of growing prices than with adopting new payment methods. Since October, the business has stated that logistics expenses are cutting into Amazon’s profitability. On Thursday, Jassy reaffirmed similar concerns, adding that the crisis in Ukraine had increased gasoline costs, placing even more strain on Amazon’s economic model. Amazon added a 5% inflation and fuel surcharge to a fee imposed to merchants that use the company’s Fulfillment By Amazon service on Wednesday, a cost that analysts believe to be passed on to buyers to some extent.
While Amazon may not accept bitcoin, average people are increasingly able to access and utilize it. PayPal, Cash App, and Venmo, among other popular payment applications, have included functionality for buying and selling bitcoin, as well as accepting it as payment in some situations.
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Amazon isn’t expected to introduce capabilities for purchasing or selling NFTs anytime soon, according to Jassy. “I think it’s possible down the road on the platform,” he remarked.