Amazon mulling checking-account like product with big banks

Randall Padilla
March 6, 2018

E-commerce giant Amazon may be entering a new realm by offering financial services, according to a report by the Wall Street Journal. Amazon was not immediately available for comment.

That makes sense. Banking is a highly regulated business.

Though Amazon now offers credit cards to customers through Chase, a checking account is a step deeper into the wallets of customers.

Amazon also recently launched Prime Reload, which rewards users with a 2% bonus is they use their debit card to transfer money from a bank account to an Amazon balance.

For instance, the sources said "the talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts".

Millions of customers buy all kinds of "stuff" (paging the late, great George Carlin!) from Amazon on their computers and phones.

The company is trying to bring Amazon Pay to brick-and-mortar stores, the WSJ report said, adding that it is likely to begin with Whole Foods, which Amazon bought a year ago. A new checking account service would essentially entrench the Seattle-based company even further into the lives of its customers. It's completely possible that the company will shy away from the effort and nothing will happen, reports The Wall Street Journal.

The company is reportedly in talks with big banks like JPMorgan Chase about partnering on the potential product. Scandal ridden Wells Farg is still one of Berkshire Hathaway's top holdings.

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

Other reports by AllAboutTopnews

Discuss This Article