Amazon Is Looking to Offer Checking Accounts, Report Says

E-commerce giant Amazon may be entering a new realm by offering financial services, according to a report by The Wall Street Journal. The Seattle-based behemoth is apparently looking to collaborate with big institutions like J. P. Morgan Chase to offer checking accounts to customers.

Though a final product has not been unveiled or formally confirmed, it is claimed that Amazon does not aim to become a bank. The company did not immediately respond for comment.

Though Amazon offers credit cards to customers through Chase, a checking account is a step deeper into the wallets of customers. It is reported that such accounts seek to appeal to a younger audience, perhaps like the demographic most closely affiliated with Amazon’s digital-first identity.

Amazon has recently taken marked steps to step outside of the strictly digital landscape, announcing in June its acquisition of Whole Foods for $13.7 billion and its independent products, such as digital assistant Alexa. Since Amazon snapped it up, Whole Foods has seen major changes implemented by the e-giant, including price cuts and benefits for Amazon cardholders for purchases. The firm has also launched a range of fashion-focused projects including Prime Wardrobe as well as several private-label lines.

If Amazon’s financial goals are confirmed, it would mark yet another venture between CEO Jeff Bezos and J. P. Morgan Chase CEO James Dimon. The two announced a partnership in January to lower health care costs for their respective U. S.-based employees, in conjunction with Berkshire Hathaway’s Warren Buffett.

Last year, Amazon accumulated $177.87 billion in sales and revenues, a $41.88 billion increase from 2016.

joor Sponsored By JOOR

JOOR Preps Digital Passport for the Hybrid Trade Show Era

JOOR Passport incorporates elements from the virtual trade show experience into returning in-person events.
Learn More

Access exclusive content