Amazon wants to start offering bank accounts

Jon Howard
March 6, 2018

If successful, the effort could place Amazon's services at the financial heart of American households: their cash flow. They said the plan is in too early a stage to determine if it will come to fruition., Inc. (NASDAQ:AMZN) is reportedly working on a checking account product for its customers. By controlling how Prime customers pay, Amazon can incentivize their loyalty and closely track their purchases. The good news for lenders: The company for now appears to be trying to get its foot in the door as partner, rather than competitor.

Though a final product has not been unveiled nor formally confirmed, it is claimed that Amazon does not aim to become a bank. The WSJ also noted that Amazon is actually quite cozy with both JPMorgan and Capital One.

The benefits of such an account for Amazon's current customers are unclear at the moment but product discounts, faster payment processing and the potential elimination of standard checking account maintenance fees all seem like distinct possibilities.

USA regulators ask Qualcomm to delay shareholder meeting
Qualcomm has gotten what appears to be a unique ruling from the US government to help it fight off a now foreign acquirer. But over the past week there has been an increasing call for CFIUS to step in as well for security reasons.

Earlier this year, Amazon and JPMorgan teamed up with Warren Buffett's Berkshire Hathaway to tackle rising healthcare costs for their U.S. employees.

Amazon already teams up with banks to offer different credit cards.

Amazon is now growing its presence in traditional, brick-and-mortar retail with its own stores and last year's acquisition of Whole Foods.

Buffett also owns big stakes in Bank of America, American Express, Bank of New York Mellon and Goldman Sachs.

Other reports by PlayStation Move reviews

Discuss This Article