Amazon to begin accepting cash payments as it expands in Mexico
Amazon has entered into a partnership with Mexican retail giant Oxxo allowing it to accept cash payments and dramatically increase its potential audience.
Roughly 60 per cent of the Mexican population (77 million people) lack bank accounts and rely entirely on cash, providing a major obstacle for the online retailer to secure a foundation in the market.
It has now entered into a partnership with Oxxo, a grocery store chain which boasts a network of 18,000 stores across the country, allowing it to accept cash payments for items.
The system, dubbed Amazon Cash, allows customers to deposit between 100 pesos (£4) and 5000 (£200) into their Amazon online accounts per transaction, with a daily cap of 10,000 pesos (£400).
Oxxo already offers a package pick-up programme in partnership with Amazon, allowing customers who live in locations where home delivery is difficult to collect items from 3000 Oxxo stores.