Amazon has positioned itself to become one of India’s e-commerce leaders. Purse.io, an online marketplace that allows discounts on Amazon by using bitcoin, is helping Amazon achieve its goal by allowing bitcoin users to receive discounts between 15 and 22% using Purse’s “Name Your Discount” program, Purse announced.
Users that are already using Unocoin, an India-based exchange, to purchase bitcoin are already set to receive discounts on food, clothes and electronics.
Purse leverages unspent gift card liquidity to pass on discounts to Amazon shoppers. Purse matches its customers with individuals who have illiquid gift card balances. The gift card holders then order at the Purse users’ proposed discounts, and in return receive bitcoin to spend or exchange for rupees on sites such as Unocoin.
Amazon’s Mechanical Turk, for example, allows users to be paid for performing manual tasks. Amazon Turk workers have limited payment options, including an Amazon gift card or a USD check that would have to be mailed. Purse provides these individuals a secure way to convert their balance to a more spendable form. It also give them the option to make cross-border payments.
Amazon users who use Purse will receive a free 0.01 BTC for referring someone once that person completes their first $50 transaction. The person making the $50 transaction will also receive the 0.01 BTC.
Amazon recently announced it will abide by India’s e-commerce rules prohibiting online marketplaces from offering discounts and restricting sales from their captive units to 25 percent, according to Business Standard. Amazon made its announcement a month after India introduced rules that allow 100 percent foreign direct investment in e-commerce marketplaces but with riders to offer level playing fields to traditional retailers.
Amazon is one of the largest online marketplaces in the world. Purse offers a unique online shopping experience all over the globe in addition to providing discounts on Amazon purchases.
Purse raised $300,000 in 2014 from well-known figures in the bitcoin community such as Roger Ver and Bobby Lee, along with venture capitalist firms such as FundersClub, StrongVC and Yang Ventures.
Images from iStock/ AdrianHancu and Shutterstock.
Last modified: July 13, 2020 3:14 AM UTC