Amazon mulling checking-account like product with big banks: WSJ

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(Reuters) – Inc (AMZN.O) is in talks to create a checking-account-like product with big banks such as JPMorgan Chase & Co (JPM.N), the Wall Street Journal reported, citing people familiar with the matter.

FILE PHOTO:’s logo is seen at Amazon Japan’s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo

The process is still in its early stages and may not be completed, the report said.

Amazon’s talks with financial firms is an attempt to create a product to attract younger consumers, mainly those without bank accounts.

Whatever its final form, the initiative would not see the online retailer become a bank, the report said.

The e-commerce giant has been contemplating getting into the finance sector for years.

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 last year.

Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur