Amazon Might Launch A Branded Checking Account With Big Banks

06 March, 2018, 01:50 | Author: Franklin Nunez
  • Mobile user on Amazon app

Amazon was not immediately available for comment.

Citing people familiar with the matter, The Wall Street Journal reported today that Amazon is in early talks with major financial institutions and that there's still a possibility that they might fall through.

The idea is to provide checking-accounts for customers.

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Nevertheless, the survey found nearly 1 in 4 consumers said they'd have less trust in Amazon than in a traditional bank, while only 17 percent said they'd trust Amazon more.

The discussions are early enough, though, that it's still unclear whether an Amazon-branded checking account would ever launch, the report said. The companies together employ more than 1.1 million workers.

Amazon is now growing its presence in traditional, brick-and-mortar retail with its own stores and last year's acquisition of Whole Foods. And for those of you who still watch shows and movies on a TV set, you can use Amazon's Echo and Alexa as a remote control.

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The company is reportedly in talks with big banks like JPMorgan Chase about partnering on the potential product. And the WSJ's report seems to confirm predictions that Amazon will likely focus on the distribution, rather than the manufacture, of financial products. It said Amazon Pay allows consumers to pay for products on third-party sites without reloading their credit card information.

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

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