March 5 (Reuters) - Amazon.com 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. (on.wsj.com/2H6LDE5)
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)