Amazon wants to start offering bank accounts

Posted March 06, 2018

E-commerce giant Amazon may be entering a new realm by offering financial services, according to a report by the Wall Street Journal.

This new product would be aimed at younger shoppers and people who do not have bank accounts. It's too early to say whether the checking-account venture would include bill-paying services or access to nationwide ATMs, the Wall Street Journal said.

Amazon's credit card for Prime members has been a sleeper hit since its January 2017 launch in partnership with JPMorgan Chase & Co. Rather, Amazon is considering partnering up with the likes of JPMorgan and Capital One to create a "hybrid-type" checking account for customers.

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Reps from Amazon and JPMorgan did not immediately respond to requests to comment. That's probably because Amazon would apparently work with the big financial firms as opposed to trying to pull an end around on them.

Amazon already offers merchants the ability to use Amazon Pay in their checkout flow, and Amazon Business (for business accounts) teamed up with Visa previous year to provide enhanced transaction data on customer purchases made with Bank of America Merrill Lynch, Citi, and PNC U.S. issued Visa commercial cards. The companies together employ more than 1.1 million workers.

Either way, it's yet more proof that Amazon is examining every service that costs it money and wondering if it can do better itself.

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

After all, Buffett is a big fan of bank stocks.

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