U.S. online retailer Amazon.com Inc. launched a debit card called Amazon Rechargeable in Mexico in a bid to encourage customers without bank accounts to shop on its e-commerce platform, Reuters reported March 13, citing a company statement.
The card is backed by Mastercard Inc. and issued by Mexico's Grupo Financiero Banorte SAB de CV, according to the Amazon Mexico website. Customers have to deposit $500 or more in one or multiple transactions to receive the physical card. It can be loaded with cash in convenience stores across the country and can be managed through Banorte Móvil, the issuing bank's mobile app.
The news comes shortly after Amazon was reported to be planning co-branded credit cards in the U.S. The company is reportedly also in talks with major U.S. banks to create a "hybrid-type checking account."
In November 2017, the e-commerce giant rolled out its Amazon Cash deposit service in all Seven & i Holdings Co. Ltd.'s 7-Eleven stores in the U.S. also to offer online shoppers without credit cards or bank accounts a convenient payment method.
