Amazon.com Launches a Digital Wallet to Simplify Money Management For Sellers

To help sellers more easily manage proceeds from sales on their Amazon stores and expand their business globally, Amazon.com Inc. late Monday launched a digital wallet that allows sellers to hold, view, and transfer funds from sales on the marketplace directly to their bank accounts.

The wallet, which Amazon announced in a blog post, is part of Seller Central, an app sellers can use to market and sell products directly to customers within the Amazon marketplace. When sellers convert and transfer funds, volume-based currency conversion and international transfer fees apply. The wallet, which is free to Amazon sellers, is currently available to select sellers on Amazon.com and will roll out more broadly over the next several months.

“Our selling partners are at the heart of what we do. They delight customers with their products and services, and they support their local communities,” Max Bardon, vice president for Amazon Worldwide Payments writes in the blog. “We designed Amazon Seller Wallet using the back-end technology selling partners trust to keep their transactions safe and information secure.

One early adopter of the wallet is MESS, a Canadian-based seller of labels. “Amazon Seller Wallet has allowed me to easily manage my payouts all within Seller Central,” MESS founder Maxwell Sigurdson-Scott, says in a prepared statement. “The tool is simple to use and has saved me time and money.”

As part of the launch, Amazon.com plans to collect feedback from users to refine the wallet over time. “We look forward to offering this tool to more sellers, introducing it in other Amazon stores, and building out further capabilities, like third-party payments and foreign exchange rate tools, in the future,” Bardon says.

Over the past decade, Amazon has introduced a variety of tools to helps sellers better manage their business, including financing options through Amazon Lending, rewards on Amazon purchases with the Amazon Business Prime American Express Card, and automatic proceeds disbursements through the Amazon Currency Converter for Sellers. The marketplace also connects sellers with more than 6,000 third-party service providers through its Seller Central Partner Network.