Amazon Says It Won’t Accept Cryptocurrency Soon May Enter NFTs

Amazon Says It Won’t Accept Cryptocurrency Soon May Enter NFTs

Don’t expect to pay with  bitcoin for your purchases on  Amazon . Amazon CEO Andy Jassy told CNBC on Thursday that the e-commerce giant is not close to accepting cryptocurrency as payment anytime soon. However, Amazon may be involved in selling NFTs, or non-fungible tokens, another popular blockchain- backed technology, he said.

Jassy said he does not own Bitcoin, but believes the cryptocurrency has the potential to achieve massive growth.

“We are probably not close to adding crypto as a payment mechanism in our retail business,” he said, “but I believe we will see crypto grow over time.” he added his words.

Amazon appears more focused on keeping its retail business profitable amid rising costs than on accepting new forms of payment. The company says logistics costs have been increasingly eating into Amazon ‘s profits  since October Jassy reiterated those points on Thursday, adding that the war in Ukraine has increased fuel costs and put even greater pressure on Amazon ‘s business model. Amazon on Wednesday  added a 5% inflation and fuel surcharge to the fee charged to merchants who use  the company’s Fulfillment By Amazon service; It’s a cost that experts expect to be passed on to shoppers to some extent.

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