Report: Amazon Is Planning to Create a Checking Account-Style Financial Product

Amazon is “in talks with big banks” to create their own checking account product, according to a report.

On Monday, the Wall Street Journal claimed Amazon is working with banks including JPMorgan Chase to create a “checking-account-like product the e-commerce giant could offer its customers.”

“The talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts. Whatever its final form, the initiative wouldn’t involve Amazon becoming a bank,” they explained, adding, “Offering a product that is similar to an own-branded bank account could help reduce fees Amazon pays to financial firms and provide it with valuable data on customers’ income and spending habits.”

In January, Amazon opened an automated grocery store without cashiers, which allows customers to add products to a digital shopping list and checkout on their phone.

The company also patented wristbands for employees in their warehouses which would track their movements and tell them where to go.

Last year, Amazon also purchased Whole Foods Market, and released the Amazon Key, which lets couriers enter your home and drop off packages inside.