Amazon Has No Immediate Plans to Accept Bitcoins, Says Payments Head

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Amazon Has No Immediate Plans to Accept Bitcoins, Says Payments Head Online retailer Amazon doesn’t have plans to accept bitcoin payments anytime soon, according to Amazon’s head of payments Tom Taylor.

“Obviously it gets a lot of press and we have considered it,” Taylor told Re/code in an interview. “But we’re not hearing from customers that it’s right for them and don’t have any plans within Amazon to engage bitcoin.”

Other large internet stores such as Target.com, EBay and Walmart.com are yet to integrate bitcoin as a payment mode. However, the most high profile online retailer that has accepted the virtual currency is Overstock.com, an online furniture retailer which has an average market capitalization of $413 million.

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However, Taylor did agree that there are advantages of a global mode of payment, but insisted that Amazon’s sellers are grappling with urgent issues such as managing currency fluctuations, which the company will deal with in other ways.

The interview veered off to how credit card firms reveal limited data on Amazon’s customers shopping habits. When asked whether Amazon had a solution to this, such as developing its own wholly-owned payments network that will take on large credit card firms such as Visa, American Express and MasterCard, Taylor didn’t rule out the possibility.

“If we felt like we could do a better job than Amex and Visa, and feel like it helps the customer experience, that’s something we would do,” said Taylor. “But it would really have to be something much better than [what they do].”

However, sources with deep knowledge of Amazon are of opinion that it is a matter of “when” not “if”, something Taylor declined to clarify any further. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com