Next up for Amazon: checking accounts – online giant wants to develop product that would appeal to younger customers and those without bank accounts
Amazon.com Inc. is in talks with big banks including JPMorgan Chase & Co. about building a checking-account-like product the online retailer could offer its customers, according to people familiar with the matter.
Talks are at an early stage and the exact shape of any product and what services it would include has not been finalised, although it would be targeted at younger people and those without bank accounts, says the Wall Street Journal (WSJ), citing sources.
For years, speculation has bubbled that Amazon and other tech giants could move into banking, but so far these firms have only dipped their toes into areas such as payments and lending. 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.
Amazon already has a co-branded credit card with JPMorgan Chase.
For the banking partner, the tie-up would offer a path to a swathe of new young clients, while for Amazon it could help slash the fees it pays to banks and payment processors, says the WSJ.
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
