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Amazon Wants to Offer Checking Accounts

06 March, 2018, 01:46 | Author: Samuel Sharp
  • Are You Ready for an Amazon-Branded Checking Account?

Amazon was not immediately available for comment.

Talks are at an early stage and the exact shape of any product and what services it would include has not been finalised, although it would be targeted at younger people and those without bank accounts, says the Journal, citing sources.

That makes sense. Banking is a highly regulated business. It will also stream video series it owns to a TV stick it designed, commanded by a voice-recognition AI developed in-house, running on the cloud services it provides to hundreds of thousands of customers.

Dan Ives, chief strategy officer and head of technology research at GBH Insights, told CNBC in an email that Amazon's underlying goal in creating a checking-type account "is to further grow its Prime membership through cross-selling into existing J.P. Morgan customers, and this could lead to more initiatives down the road".

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

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. And for those of you who still watch shows and movies on a TV set, you can use Amazon's Echo and Alexa as a remote control.

And Amazon is even looking to change the way people get access to medical care.

Fresh off its acquisition of Whole Foods in August, Amazon has made moves to build its own delivery service that would rival United Parcel Service and FedEx.

Additionally, the potential partnership with JPMorgan Chase would be the second major agreement with the online retailer this year.

That JPMorgan Chase & Co.is seemingly among the first banks Amazon has approached about the project is most likely no coincidence. It said Amazon Pay allows consumers to pay for products on third-party sites without reloading their credit card information.

The report helps answer one of the most often-asked questions on Wall Street: When's Amazon going to show up?


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