Amazon talks to banks over checking account

Amazon talks to banks over checking account

Amazon talks to banks over checking account

Amazon, of course, has millions of customers, access to cheap capital, and tons of data, making it a potentially fearsome competitor to the banking industry.

Amazon already has a few services that might help illustrate its financial vision. The Amazon-branded checking account would provide an alternative for younger customers and individuals without bank accounts.

In the USA, consider that millennials list Amazon as the app they can't live without, or that 73% of millennials say they would be more excited about a new financial-services offering from Google, Amazon, Paypal, or Square than their bank.

While people familiar with the situation tell the Journal the discussions are in early stages, such a venture would add yet another entity to Amazon's expanding portfolio, which now includes grocery stores and its digital assistant, Alexa. Capital One said it does not comment on "rumor or speculation".

Bank stocks barely budged Monday on the reports.

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"Pricing is a concern: if banks are cut out of the primary customer relationship, can they set prices high enough to make a return?"

The e-commerce giant has been contemplating getting into the finance sector for years.

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 announced in late January it was entering the health care insurance business in a partnership with JPMorgan Chase, and Warren Buffett's Berkshire Hathaway.

That JPMorgan Chase & Co.is seemingly among the first banks Amazon has approached about the project is most likely no coincidence.

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