Amazon looks to offer checking accounts for customers

06 March, 2018, 01:50 | Author: Manuel Hopkins
  • Inc is in talks to create a checking-account-like product with big banks such as JPMorgan Chase the Wall Street Journal reported citing people familiar with the matter. File

Amazon also has an Amazon.com Store card from Synchrony, the financial services company spun off by General Electric in 2015.

Amazon is reportedly in talks with JPMorgan Chase & Co. and Capital One Financial Corp.to offer checking account services to younger customers and the unbanked. Their survey found that 52 percent of Prime customers would be open to a primary bank account from Amazon, compared with 44 percent of consumers overall.

The concept is still in its early stages, and it's unclear how exactly it would function, the Journal reported. The WSJ also noted that Amazon is actually quite cozy with both JPMorgan and Capital One.

That makes sense. Banking is a highly regulated business.

Before you sell all your bank stocks. The move would also help the company avoid some of the fees it now pays financial firms and learn more about people's income and spending trends.

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One reason has been the regulatory barriers they would face, something which seems to have convinced Amazon to partner a traditional lender, rather than directly compete.

It's important to note that the venture wouldn't include Amazon's transforming into a bank, The Wall Street Journal noted.

But if Amazon does wind up offering checking accounts, it will be just the latest example of how the e-commerce giant is extending its tentacles into just about every aspect of its customers' lives.

And of course this would nearly invariably be integrated with Amazon Pay which Bezos is already trying to push at brick-and-mortar retailers starting, of course, with Whole Foods, which he now owns.

To be clear, this does not mean the retailer will be opening up their own bank.

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