Amazon may be getting into banking with Amazon checking accounts

06 March, 2018, 01:47 | Author: Gladys Mathis
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Neither Amazon or JP Morgan Chase responded to FOX Business' request for comment on the matter.

Becoming a bank would allow Amazon to lend out money as well as taking in deposits, but would also expose the massive firm to a far bigger regulatory requirement in a far more sensitive industry than consumer retail. Rather, Amazon is considering partnering up with the likes of JPMorgan and Capital One to create a "hybrid-type" checking account for customers. It's completely possible that the company will shy away from the effort and nothing will happen, reports The Wall Street Journal.

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Probably the best way to read the Journal's piece is to go ahead and assume that whatever it says Amazon won't do and/or whatever it claims is still "unclear", Amazon actually will do.

Amazon's plans aren't concrete yet, according to WSJ, but that sounds a little like what it's in the early stages of trying to do. It will also stream video series it owns to a TV stick it designed, commanded by a voice-recognition AI developed in-house, running on the cloud services it provides to hundreds of thousands of customers. Since Amazon snapped it up, Whole Foods has seen major changes implemented by the e-giant, including price cuts and benefits for Amazon card holders for purchases. McKinsey asked previous year, answering that in many cases they could. For one, the company offers Amazon Cash, a platform that lets users add cash to an Amazon wallet by displaying a barcode in person. (NASDAQ:AMZN) reportedly is in talks with financial institutions that include JPMorgan Chase & Co. JPMorgan and CapitalOne are among the possible participants, the paper said. "You know, that's called competition".

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