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

This post was originally published on this site

(Reuters) – Amazon.com 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.

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.