Amazon might introduce its own branded checking accounts


The retail giant already works with the Wall Street giant to offer cobranded credit cards to customers and the companies recently struck a new partnership to provide healthcare services for their employees.

Amazon may soon find yet another way into its customer's wallets.

Amazon is reportedly considering launching a checking account-like product with some big banks like JP Morgan Chase & Co.

Reps from Amazon and JPMorgan did not immediately respond to requests to comment. They said the plan is in too early a stage to determine if it will come to fruition.

The product, says the story, would be focused on those not yet swept up in the traditional financial services industry, but wouldn't include Amazon actually becoming a bank.

AMZN stock was up 1% as of Monday afternoon.

But if Amazon does wind up offering checking accounts, it will be just the latest example of how the e-commerce giant is extending its tentacles into just about every aspect of its customers' lives.

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 a year ago. It also noted that Amazon has lent more than US$3bn to small businesses that sell on its platform since 2011, according to a research report by CB Insights earlier this year. Offloading key tasks to a bank could help Amazon avoid some of the strict regulations imposed on financial service providers, which would ease go-to-market efforts.

News of this expansion is a familiar tune to anyone that has been keeping up with, Inc.

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