Amazon considers launching branded checking accounts for unbanked

Monday, March 12, 2018

By Natalie Gagliordi

Amazon is reportedly in talks with JPMorgan Chase & Co., and Capital One Financial Corp., to offer checking account services to younger customers and the unbanked.

According to The Wall Street Journal, Amazon is still in the very early stages of a potential banking foray, but even if the product does see the light of day, it’ll position Amazon as more of a partner rather than a direct competitor.

From the Journal’s report:

Last fall, [Amazon] put out a request for proposals from several banks for a hybrid-type checking account and is weighing pitches from firms including JPMorgan and Capital One Financial Corp., some of the people said.

Photo courtesy of Mandy.

Source: ZDNet (link opens in a new window)

financial inclusion, fintech, mobile finance