What to know about Prime Reload, Amazon’s latest rewards program

Amazon’s potential influence on the ad ecosystem reverberated across Dmexco.

Amazon introduced Prime Reload Tuesday, which rewards 2 percent of purchases back to Prime members who fund their Amazon balances with their debit cards.

Forget the rumors about Amazon potentially buying a bank. Amazon practically is a bank. To date it has a foot in payments, cash, small business lending, consumer credit and now it’s coming for debit card users.

It’s not necessarily positioning itself to replace the existing banks, said Brendan Miller, principal analyst at Forrester Research; it’s just another way for people to interact with their money at a time when consumers funds are becoming more and more dispersed. Too bad for banks, that means they’ll naturally be taking fewer and fewer deposits and eventually, engage less and less with their customers, who will be engaging more with service providers like Amazon.

“There was already a trend of bank card spend being consolidated inside apps and services, and we are seeing the downstream risk to banks who are aware of this trend but aren’t do anything to act on it,” said Cherian Abraham, senior business consultant at Experian.

Get the full breakdown on tearsheet.co

https://digiday.com/?p=241316

More in Marketing

A week since the U.S. election and social media is becoming more fragmented than ever

It’s no stretch to say that the flavor of political discourse across these platforms (or lack thereof) played a role in driving engagement over the last week or so.

During crucial holiday season, some marketers meet Christmas blues head-on in seasonal ads

This year there’s more than carols and tinsel in some brand’s seasonal spots.

Digiday+ Research: Deloitte, Wrangler and other execs dig into holiday marketing strategies

As the holiday shopping season kicks off, Digiday+ Research sat down with brand and retail marketers to see how they’ve prepared for the season.