Amazon already teams up with banks to offer different credit cards. "Ultimately, Amazon is in fifth gear, trying to double down on the consumer and the finance vertical looks like the next step (through partnerships) of adding to the Amazon flywheel".
Amazon is said to be in talks with JPMorgan Chase, Capital One and other banks and financial services firms about setting up an Amazon-branded checking account for its customers, according to The Wall Street Journal. Amazon.com didn't immediately return a request for comment. The project is in its very early stages, so it's not clear what form this will end up taking - checking accounts, ATM access, etc. - or if it will even come to fruition. The company apparently wants to create a product that will attract the younger demographic, particularly those that are without bank accounts.
It wouldn't be Amazon' s first foray into the financial sphere.
AMZN stock was up 1% as of Monday afternoon.
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. Among the companies Amazon officials are speaking with is JP Morgan Chase & Co., according to the newspaper.
It has always been speculated that Amazon would eventually make its way into the banking sector, and a recent survey indicates that it could gain some traction by taking that step.
While U.S. policy makers have for years been skeptical of letting big companies move into banking services, that may be changing.
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