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Amazon Could Soon Offer Checking Accounts

Amazon Could Soon Offer Checking Accounts

Amazon is looking to team up with banks to build a checking account-type product.

While people familiar with the situation tell the Journal the discussions are in early stages, such a venture would add yet another entity to Amazon's expanding portfolio, which now includes grocery stores and its digital assistant, Alexa.

That JPMorgan Chase & Co.is seemingly among the first banks Amazon has approached about the project is most likely no coincidence.

Sie Soheili, a spokesman for Capital One, and JPMorgan spokeswoman Trish Wexler didn't immediately respond to phone and email requests for comment. That's probably because Amazon would apparently work with the big financial firms as opposed to trying to pull an end around on them.

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AMZN stock was up 1% as of Monday afternoon. It's unclear how fully-featured the checkings accounts would be - is this just another PayPal service, or a full checking account with access to bill payments and the global banking system?

The company is already the most dominant force in online retail - and arguably retail in general. This includes buying up Whole Foods a year ago and recent plans to offer its own shipping service, which would reduce its need for United Parcel Service, Inc.

Amazon also recently launched Prime Reload, which rewards users with a 2% bonus is they use their debit card to transfer money from a bank account to an Amazon balance.

Collaboration, not disruption: Amazon does not appear to want to compete against the banking industry's titans.

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