The online retailing giant and Western Union (WU) - Get Report have teamed up to launch Amazon PayCode, which allows customers to pay for online purchases in cash at one of Western Union's 15,000 U.S. locations. Amazon PayCode will be rolling out to U.S. customers over the next few weeks; it's already offered in 19 countries across the globe.
Once customers pay for their purchases in person at a Western Union, items will be shipped.
"Customers have told us they love the convenience of paying in cash," said Ben Volk, Amazon's director of payments. "Together with Western Union, we're able to offer customers more shopping choices, enabling them to pay for their online purchases in a way that is convenient for them."
Amazon PayCode in an expansion of Amazon Cash, "which enables customers to load cash into their Amazon Balance for making online Amazon purchases, is now available in over 100,000 cash-loading locations nationwide," the company stated.
Amazon said there are now two options for customers who want to pay in cash with no added fees.
Amazon was trading down 0.49% at $1,813.69, which is in the middle of its 52-week range of $1,307 and $2,035.80. Western Union also fell, down 0.59% at $22.73, but near the top of its 52-week range between $16.42 and $24.09.
According 50 analysts polled by FactSet, Amazon has a consensus buy rating and price target of $2,291.39. According 20 analysts polled by FactSet, Western Union has a consensus underweight rating and price target of $19.65. The company pays a dividend with a yield of 3.5%.