Amazon Contemplates Entrance into Banking with Possible Checking Account Partnership
It was recently revealed that online retail giant Amazon was in talks with JP Morgan Chase, the largest bank in America, to develop bank account products for Amazon customers. The move comes as Amazon works to create a foothold in daily life through e-commerce, grocery stores, media, and now banking services.
A poll late last month found that nearly half of those surveyed showed interest in using an Amazon checking account as their primary bank account. For those already with an established relationship with the retailer through Amazon Prime, that number grew to more than half. Only 16% expressed disinterest in an Amazon checking account. Nearly 90% of the respondents felt they could trust Amazon to promote the consumer’s best interests.
This is not Amazon’s first overture toward financial services. Last year, the online retailer expanded its small business loan program, providing more than $1 billion in loans to to its marketplace retailers. Bank accounts appear to be the next step in the juggernaut’s expansion into the financial realm.