Amazon has already successfully taken on retailers, and even supermarkets, and now it appears they are ready to give banks a little competition.
According to the “Wall Street Journal,” Amazon is working on creating a checking-like account product for their customers. Details are scarse, and still in the early stages, but sources say the plan is to offer a bank-like product for younger customers without bank accounts, although sources insist Amazon won’t actually become a bank.
And that’s not the only financial move Amazon is in the process of making. The report say they are trying to get stores to accept Amazon Pay, with Whole Foods expected to be the first to start offering the option, especially since Amazon brought the company last year. The move will not only provide Amazon with access to more personal data from their clients, it will also help them save on fees they pay to other financial institutions.
Source: The Wall Street Journal