Amazon shares slip; tech giant launches debit card in Mexico

Amazon shares closed lower Tuesday as the global tech giant launches a debit card in Mexico.

Amazon shares slip; tech giant launches debit card in Mexico

Amazon shares ended lower in the US Tuesday trading session, as the global tech giant launched its first ever debit card in Mexico.

The move comes as the business investigates options to expand its financial services offerings and encourage consumers to shop online, even if they don’t have a bank account.

Amazon shares closed 0.64% lower at $1,588.18, Tuesday. However, the stock is trading in positive territory in after-hours activity.

Expands e-commerce push

E-commerce in Mexico is gaining in popularity among shoppers there. However, it still only makes up a small percentage of retail activity in the country.

By providing the unbanked with a new option to make online purchases, Amazon is helping to create a larger consumer base from which to grow its sales across.

The move also comes as Amazon is reportedly in discussions to expand its financial services and banking provisions.

Amazon already offers options for potential users to ‘bank’ money with CVS and 7-Eleven stores that they can use to spend on its website as it works hard to tap into the considerable global households who don’t have a bank account.

Google improves Mexico’s Wi-Fi

It appears Amazon isn’t the only tech giant with Mexico on its mind. Rival Google announced it is working with SitWifi to provide faster Wifi hotspots across the country.

Google Station is now available in 60 locations across Mexico, with plans to extend that to over 100 spots by the end of 2018. Google shares closed 2.23% lower in the US, Tuesday.

“In Mexico, the third highest Internet penetration country in Latin America, most people access the web through mobile,” said Jack Fermon, a member of the Google Station engineering team in a blog post.

Google Station is a high speed wifi hotspot that users can utilise to watch and download online content on their mobile devices. Mexico is the first Latin American country where Google Station is available and the third on a global basis.

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