Amazon Hires Visa Boss to Expand Lending Division
Did you know that Amazon offers loans to its top sellers to help them expand their sales in the marketplace? If you didn’t, you are not alone. This little-known division of Amazon was never announced through a press release or a media post.
Amazon Lending has been operating for three years, with the company offering loans to certain sellers via email. Those who wish to participate in the program can review the terms and potentially secure a loan from Amazon to grow their product line. The loan is paid back to Amazon through an automatic payment from the sellers account each month for three years.
After some success, Amazon is now looking to expand it to a global scale, and they are looking to Nick Talwar to help them in this endeavor. Talwar was recently hired as General Manager of Amazon Lending, and the former head of Visa’s North America credit card business is looking to take Amazon’s program to a new level.
Amazon is a company making inroads into a number of industries. In addition to this significant move in the lending industry, the online retail giant has also introduced a smartphone, a mobile wallet and a mobile credit card reader.