【1995 Archives】

You no longer need a credit995 Archivesdebit card to shop on Amazon.

The online shopping giant just launched a new way for customers to pay cash for items on the site.

Amazon Cash lets shoppers add money to their account balance by simply scanning a barcode -- either on a smartphone screen or printed on paper -- at a participating brick-and-mortar store.

SEE ALSO: Food stamps can now be used for online grocery shopping

The list of available retail chains includes CVS Pharmacy, Speedway, Sheetz, Kum & Go, and D&W Fresh Market.

The service is aimed at the substantial segment of the population that might not have access to a bank account or credit card. Around 7 percent of consumers are "unbanked," according to a 2015 report from the FDIC.

Before now, those people would have to buy a supermarket gift card or a prepaid balance -- oftentimes subject to fees -- in order to shop on the site.

The program is similar to Paypal's My Cash Card, which also allows customers to replenish their accounts through cashier barcodes. While reports earlier this year indicated Paypal was in talks to start serving Amazon customers, it's still not accepted on the site.

In addition to making its services more accessible to people outside the traditional financial system, Amazon also increased access for low-income customers in January, when its grocery delivery arm started accepting food stamps as payment.

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