Amazon Explores New Checking Accounts Product

Amazon already delivers some of of its orders itself but one report says it could launch a delivery service competing directly with Fedex UPS and others

Report Amazon Is Planning to Create a Checking Account Style Financial Product AFP by Charlie Nash5 Mar 20180 5 Mar 2018 5 Mar 2018

A survey conducted by LendEDU found that about 45 percent of Amazon customers would be open to the concept of Amazon acting as their primary banking account, CNBC said.

If successful, the effort could place Amazon's services at the financial heart of American households: their cash flow.

On Monday, the Wall Street Journal claimed Amazon is working with banks including JPMorgan Chase to create a "checking-account-like product the e-commerce giant could offer its customers". Citing people familiar with the matter, the report indicated that Amazon's target is younger consumers and people without existing bank accounts. The WSJ also noted that Amazon is actually quite cozy with both JPMorgan and Capital One.

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It's no secret Amazon wants to keep shoppers on their platform. Among the companies Amazon officials are speaking with is JP Morgan Chase & Co., according to the newspaper.

But Amazon-branded checking would let customers seamless pay for everything they already get from the site. The move could reduce or eliminate Amazon's current need to pay banking partners and payment processors to handle transactions.

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

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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.

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

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