Payments News

Why Amazon Is Talking to Banks About a ‘Checking Account’ for Its Customers

Mar 06, 2018 Inc.’s interest in launching a checking-account-like product, reported Tuesday by The Wall Street Journal, could have deep roots in its strategy both for payments in general and for Amazon Pay, the payment wallet it operates for non-Amazon sites, expert observers say.

Talks between the Seattle-based retailing colossus and banks are in the early stages, and it’s far from clear any sort of product will emerge from them. But sources told the Journal the account would be designed to appeal to younger consumers and would not entail Amazon applying to become a bank. Instead, the company is reportedly talking to mega-banks like JPMorgan Chase & Co. and Capital One Financial Corp. to form a partnership to offer the product.

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