Amazon Could Soon Offer Checking Accounts

Posted March 06, 2018

Their survey found that 52 percent of Prime customers would be open to a primary bank account from Amazon, compared with 44 percent of consumers overall.

The Wall Street Journal said any potential collaboration is "in its early stages and may not come to fruition".

More news: Winter storm kills five people, leaves millions without power in United States

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

In the U.S., consider that millennials list Amazon as the app they can't live without, or that 73% of millennials say they would be more excited about a new financial-services offering from Google, Amazon, Paypal, or Square than their bank. The companies together employ more than 1.1 million workers. And for those of you who still watch shows and movies on a TV set, you can use Amazon's Echo and Alexa as a remote control.

More news: North Korea threatens USA against military exercise with South Korea

Amazon has already ventured into other business areas including shipping and medical care. The report claims that the company is seeking the help of JPMorgan Chase & Co. A new checking account service would essentially entrench the Seattle-based company even further into the lives of its customers.

Banks are also eager to partner with startup financial products, which often offer all the services of a bank without a traditional account.

More news: Winter storm hits California, evacuations ordered for areas devastated by January mudslides

Buffett also owns big stakes in Bank of America, American Express, Bank of New York Mellon and Goldman Sachs.