Are You Ready for an Amazon-Branded Checking Account?

Are You Ready for an Amazon-Branded Checking Account?

Amazon was not immediately available for comment.

People familiar with the matter, who were not identified, told The Wall Street Journal that the effort is still in its early stages and may not come to fruition.

"Pricing is a concern: if banks are cut out of the primary customer relationship, can they set prices high enough to make a return?"

With Amazon's host of customers and impressive market value, some have wondered whether the e-commerce giant would eventually seek to disrupt the banking system. It will also stream video series it owns to a TV stick it designed, commanded by a voice-recognition AI developed in-house, running on the cloud services it provides to hundreds of thousands of customers.

The product, says the story, would be focused on those not yet swept up in the traditional financial services industry, but wouldn't include Amazon actually becoming a bank. The companies together employ more than 1.1 million workers.

JPMorgan Chase is one of the big banks that Amazon is said to be partnering with, a sign of the growing relationship between Bezos and JPMorgan CEO Jamie Dimon following the insurance announcement.

Either way, it's yet more proof that Amazon is examining every service that costs it money and wondering if it can do better itself.

Amazon already offers a Prime rewards credit card from JPMorgan Chase that is issued by Visa.

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

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