Economy

Amazon's next product may be a checking account

Amazon's next product may be a checking account

Amazon already has a few services that might help illustrate its financial vision.

Amazon is considering partnering with Wall Street's top banks in an effort to build a "checking-account-like" product for customers, according to a report. With services like Prime Instant Video and Prime Music on offer alongside a recent slew of products coming from Amazon's acquisition of Whole Foods, it's clear the company wants to become their customers' one-stop shop for entertainment and shopping. That would invite regulation and they myriad of rules that banks are subject to but Amazon has been looking to reduce the fees it pays to banks and payment processors so it could be an attractive field. Free for 14 days - no credit card required! The move means Amazon paid less in fees to card networks like Visa Inc and Mastercard Inc. As such, those that are comfortable in the prospective market on Amazon's radar can begin to feel a little uneasy, and we would imagine that emotion is pretty common among banking industry execs this morning.

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Sources familiar with the situation told the outlet that while the discussions are still in its early stages, the final product could include an Amazon-branded type of checking account that would appeal to younger customers and those without bank accounts. Keith Noreika, the former acting Comptroller of the Currency, said past year that it's time to reconsider whether the traditional separation between lending and retailing should be maintained.

The e-commerce giant has been contemplating getting into the finance sector for years.

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Neither Amazon or JP Morgan Chase responded to FOX Business' request for comment on the matter.

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