Report: Check Amazon account? Something similar could soon appear
Amazon is busy again.
The e-commerce giant is reportedly in talks with some of Wall Street’s biggest banks, including JPMorgan Chase, in an effort to create a “checking account-like” product for its customers, according to The Wall Street Journal.
Sources that were familiar with the situation told the store that although the discussions are still in the initial stages, the end product could contain a payment account from the Amazon brand that would be attractive to younger customers and people without bank accounts.
Sources emphasized, however, that the step did not focus on an attempt by the retailer to become a bank. The company does offer a Visa card with the Amazon brand, which saves customers in addition to other benefits on purchases at both Whole Foods and Amazon.com, with 5% cash-back on Prime purchases. A new service for payment accounts would deepen the Seattle-based company even more in the lives of its customers.
In addition, the idea of a new payment account would be welcomed by nearly half of Amazon’s customers according to a report published last week. LendEDU, an online marketplace for student loan refinancing, found that about 45% of respondents were open to the idea of using Amazon as their primary bank account, while 49.6% would use a savings account created by the company.
Moreover, the potential collaboration with JPMorgan Chase this year would be the second important agreement with the online salesperson.
At the end of January, the CEO of Amazon, Jeff Bezos, together with JPMorgan Chase CEO Jamie Dimon and Berkshire Hathaway’s Warren Buffett, announced a joint effort to reduce health care costs for their more than 1.1 million employees.