The people who need a loan, will not be the people affected by AmazonBasics. AmazonBasics will only copy extremely well selling products. If you need a loan you do not have an extremely well selling product.
I was with you until your last sentence. There are plenty of extremely highly successful companies selling products at a very high clip that require credit facilities (aka loans) to finance the selling of their products. The reality is this- to get scale you put out a ton of cash before you sell the product- a loan helps you offset that timing and spreads your risk to another party.
Kinda like what Walmart did with every one of their suppliers over the past 30 years hahaha
This is another copycat move by amazon. Looks like USA companies are copying Chinese ecommerce. This is the second instance first amazon launched amazon pay copying Alipay. Now merchant loan which is done by alibaba for last 10 years. Hopefully they are able to acknowledge it's innovated in China.
Wal-Mart did this 20 years ago. Car dealers did this 40 years ago. Not a new idea.
Well then given China's history it's done 2-3 thousand years ago. But not using artificial intelligence or machine learning and lending both the sides merchant on one hand and shoppers on another side. The scale at which China's companies are operating, AI and ML is necessity. Provide credit limits for merchants in their accounts to purchase products on 1088 wholesale market owned by alibaba. Sale it to over 600 million shoppers on tmall, taobao. Shopper also have credit limits with loans. Money rotates within the eco-system at scale of over 600 million participants. All credit limit and loan decision by machine with very limited human intervention given scale, and done by WePay and alipay banks with no branch mobile phone interface only.