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renegadebusdallas.com April 25, 2018


Amazon talking to banks about checking account-like product

06 March 2018, 01:44 | Lionel James

Do you think your business is safe from Jeff Bezos

Do you think your business is safe from Jeff Bezos

Amazon was not immediately available for comment.

They said the plan is in too early a stage to determine if it will come to fruition.

That makes sense. Banking is a highly regulated business.

Amazon already offers merchants the ability to use Amazon Pay in their checkout flow, and Amazon Business (for business accounts) teamed up with Visa previous year to provide enhanced transaction data on customer purchases made with Bank of America Merrill Lynch, Citi, and PNC U.S. issued Visa commercial cards.

On top of lowering transaction processing expenses, Amazon's proposed checking account service reportedly has another objective.

Amazon apparently wants to be your bank. It is reported that the checking accounts seek to appeal to a younger audience, perhaps like the demographic most closely affiliated with Amazon's digital-first identity. It's a miracle you're not reading this on an Amazon-designed smartphone.

Tottenham player ratings in 2-0 win over Huddersfield
They should be fresh for the weekend, with Harry Kane , Dele Alli and Christian Eriksen all to come back into the side. Tottenham left Turin with a draw and two away goals in their first leg match against Juventus in the Champions League.

Amazon has also muscled its way into shipping, perhaps to the detriment of FedEx and UPS, with the purchase of stakes in two cargo airlines for its Prime Air service.

Amazon already has a co-branded credit card with JPMorgan Chase and recently teamed up with the bank and Berkshire Hathaway to investigate how to improve healthcare for their employees.

Banks are also eager to partner with startup financial products, which often offer all the services of a bank without a traditional account. It's completely possible that the company will shy away from the effort and nothing will happen, reports The Wall Street Journal.

Fresh off its acquisition of Whole Foods in August, Amazon has made moves to build its own delivery service that would rival United Parcel Service and FedEx.

After all, Buffett is a big fan of bank stocks.

To be clear, this does not mean the retailer will be opening up their own bank.



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