Banks have already been facing competition from technology startups in the digital era. However, now they might face competition from multinationals such as Amazon.com. Since all the transactions have taken a digital route of payment, it is crucial for any business to go with the flow. E-commerce giants such as the Amazon.com and the Alibaba Group Holding are modifying industries.

Amazon Seems To Reshape The Industry

Amazon.com is world’s biggest online retailer and it plans to increase its reach even further. The company has had discussions with banking regulators about financial innovations. It already supports more than 20,000 merchants on its platform. Also, technology giants such as Google and Facebook have initiated with their finance activities like payments. Even, in Asia, firms such as Alibaba have grabbed huge chunks of market share from banks.

Amazon’s Securing Cryptocurrency Domain Names

According to trade publication DomainNameWire, Amazon has bought three cryptocurrency domain names. The domains are amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com. Even though, there hasn’t been much demand for cryptocurrency till now. It is said that Amazon could simply be protecting its name. Also, there have been unidentified rumors of Amazon’s plans to accept cryptocurrencies, like bitcoin, but there hasn’t been any official confirmation from company’s side. These rumors have had a huge impact on bitcoin’s price. Last month an unfounded rumor about Amazon’s acceptance of bitcoin shot up bitcoin’s price immediately.

Also, Amazon secured the domain “amazonbitcoin.com” three years ago. Now, Amazonbitcoin.com takes you straight to Amazon.com.

[Related: UAE Central Banks List the Hazards of Bitcoin]

Digital Innovation in The UAE

Even though Fintech is an emerging sector in the UAE, cash still remains the main medium of payment. Over 80 percent of transactions are made in cash and banks are still a trusted source of a transaction for customers. However, UAE is a land of innovation and that is why the launch of Apple Pay and Samsung Pay was well-received. Moreover, banks could go further by generating their own platforms. It can elevate their ROE, which is a measure of profitability. The banks in the UAE have already been adapting to change. For example, Emirates NBD and Mashreq have implemented their own contactless and e-payment services. These changes are being well-received by the country, which makes the way for the road to betterment to be easily paved.