Amazon in talks with banks to create checking account product
Amazon is reportedly in talks with banks including JPMorgan Chase and Capital One about creating a product similar to a checking account that its millions of customers could use.
People familiar with the matter told the Wall Street Journal that Amazon's talks with financial firms “are focused on creating a product that would appeal to younger customers and those without bank accounts.”
The Wall Street Journal said it is too early to tell what exactly the product will look like, noting that it’s unclear “whether it would give customers the ability to write checks, directly pay bills, or access to a nationwide ATM network.”
The e-commerce giant already partners with JPMorgan Chase for its Amazon Rewards Visa Signature card, which offers cardholders 3% cash back on Amazon.com and Whole Foods purchases. The Prime version of the card offers 5% cash back.
Earlier this year, the two announced a partnership with Berkshire Hathaway to cut healthcare costs for their employees