E-commerce giant Amazon considers offering checking account

Dianna Christensen
March 6, 2018

Is there any part of the business world that Jeff Bezos doesn't want to control?

Amazon has been in talks with JPMorgan Chase JPM and Capital One COF about its proposal to launch a product similar to traditional checking accounts, TheWall Street Journalsaid Monday.

A spokesperson for JPMorgan Chase declined to comment on the WSJ story. Capital One uses Amazon's cloud services.

According to the Wall Street Journal, Amazon is still in the very early stages of a potential banking foray, but even if the product does see the light of day, it'll position Amazon as more of a partner rather than a direct competitor.

A good idea? For Amazon, yes.

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Amazon is talking with various banks to offer up a checking account service for younger customers who do not have credit cards and bank accounts.

Before you sell all your bank stocks. It's hard to imagine Amazon wanting to create its own banking charter. The e-commerce giant has been looking for ways to expand Amazon Pay to brick-and-mortar stores, likely via Whole Foods. The companies together employ more than 1.1 million workers.

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.

The company is a major media player too thanks to its Prime Instant Video offering. It's a miracle you're not reading this on an Amazon-designed smartphone.

Amazon already has a few services that might help illustrate its financial vision.

Other reports by GlobalViralNews

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