Amazon (AMZN) Gains As Company Eyes Bank Deals, Checking Accounts

Mobile user on Amazon app

According to a Wall Street Journal report published this morning, anonymous sources named JPMorgan Chase & Co. and Capital One Financial Corp. among the institutions involved in the talks. It is reported that the checking accounts seek to appeal to a younger audience, perhaps like the demographic most closely affiliated with Amazon's digital-first identity. The project is in its very early stages, so it's not clear what form this will end up taking - checking accounts, ATM access, etc. - or if it will even come to fruition. Rather, Amazon is considering partnering up with the likes of JPMorgan and Capital One to create a "hybrid-type" checking account for customers. But remember, Amazon is not trying to be a bank. Since Amazon snapped it up, Whole Foods has seen major changes implemented by the e-giant, including price cuts and benefits for Amazon card holders for purchases.

And of course this would nearly invariably be integrated with Amazon Pay which Bezos is already trying to push at brick-and-mortar retailers starting, of course, with Whole Foods, which he now owns.

If successful, the effort could place Amazon's services at the financial heart of American households: their cash flow.

According to a recent report, the online retailer is looking to expand its services by teaming up with a banking company for a checking account product.

[Amazon's] more-than $700 billion market value eclipses the combined value of JPMorgan and Bank of America Corp, the two biggest US banks.



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