Finance

Amazon in talks with banks to create checking account product

Amazon in talks with banks to create checking account product”

Inc.is in talks with big banks including JPMorgan Chase & Co. about building a checking-account-like product the e-commerce giant could offer its customers, according to people familiar with the matter.

"Last fall, [Amazon] put out a request for proposals from several banks for a hybrid-type checking account and is weighing pitches from firms including JPMorgan and Capital One Financial Corp., some of the people said".

In late morning trading, Amazon was at US$1,058.97, up US$8.72, JPMorgan Chase was at US$113.95, up 63 United States cents, and Capital One was at US$97.14, up 42 USA cents.

One reason has been the regulatory barriers they would face, something which seems to have convinced Amazon to partner a traditional lender, rather than directly compete.

A dive into the financial sector would be another addition to Amazon's growing list of attempts to influence its customers' everyday lives.

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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 companies together employ more than 1.1 million workers.

Amazon has already ventured into other business areas including shipping and medical care.

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

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.

To be clear, this does not mean the retailer will be opening up their own bank.



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