March 5, 2018 / 12:51 PM / a year ago

Amazon mulling checking-account like product with big banks - WSJ

March 5 (Reuters) - Inc is in talks to create a checking-account-like product with big banks such as JPMorgan Chase & Co, the Wall Street Journal reported, citing people familiar with the matter.

The process is still in its early stages and may not be completed, the report said. (

Amazon’s talks with financial firms is an attempt to create a product to attract younger consumers, mainly those without bank accounts.

Whatever its final form, the initiative would not see the online retailer become a bank, the report said.

The e-commerce giant has been contemplating getting into the finance sector for years.

The company is trying to bring Amazon Pay to brick-and-mortar stores, the WSJ report said, adding that it is likely to begin with Whole Foods, which Amazon bought last year. (Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below