March 5, 2018 / 12:54 PM / 17 days ago

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

March 5 (Reuters) - Inc is in talks to create a checking-account-like product with big banks such as JPMorgan Chase & Co, 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. (Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur)

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