Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Independent UK
The Independent UK
Business
TheStreet Staff

Amazon Is Secretly Becoming a Bank

Welcome to the Bank of Amazon (AMZN) . 

The e-commerce giant has launched a capability for UK shoppers to pay for products and services using cash, according to TechCrunch. Dubbed Amazon Top Up, customers can load £5 and £250 into their Amazon UK account, the report says. The service mirrors Amazon Cash, which launched in the U.S. in April. 

While the cash put into the account cannot be withdrawn -- so technically Amazon isn't a bank -- it does help underbanked people shop on the internet platform. 

Regardless, there is no denying Amazon is at least starting to look like a bank. 

Amazon said in June that its Amazon Lending service surpassed $3 billion in loans to small businesses since it was launched in 2011.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.