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Amazon Not Accepting Cryptocurrency Soon, May Get Into NFTs, CEO Says

Andy Jassy also says Amazon is still facing headwinds from logistics and fuel costs in an interview with CNBC.

Close-up portrait of Amazon CEO Andy Jassy onstage at an event.
Andy Jassy said Thursday he doesn't own bitcoin.
Getty Images

Don't expect to pay for your Amazon purchases with bitcoin in the near future. Amazon CEO Andy Jassy told CNBC on Thursday that the e-commerce giant isn't poised to accept cryptocurrency as payment soon. However, Amazon may get involved in the sale of NFTs, or nonfungible tokens, another popular blockchain-powered technology, he said.

Jassy doesn't own bitcoin, he said, but acknowledged cryptocurrency's potential.

"We're not probably close to adding crypto as a payment mechanism in our retail business," he said, "but I do believe over time that you'll see crypto become bigger."

Amazon appears more focused on keeping its retail business profitable amid rising costs than on accepting new forms of payment. The company has been saying since October that logistics costs are increasingly eating at Amazon's profits. Jassy reiterated those points Thursday and added that the war in Ukraine has increased fuel costs, putting even greater pressure on Amazon's business model. On Wednesday, Amazon added a 5% inflation and fuel surcharge to a fee charged to merchants who the company's Fulfillment By Amazon service, a cost that experts expect to be passed on to some extent to shoppers.

While Amazon may not be taking cryptocurrency, it is becoming easier for regular consumers to access and use. Mainstream payment apps including PayPal, Cash App and Venmo have introduced features for buying and selling cryptocurrency, and in some cases using it as payment.

Jassy didn't give a timeline for Amazon adding features for buying or selling NFTs. "I think it's possible down the road on the platform," he said.