The WSJreports that Amazon is in talks to launch a type of checking account.
The Wall Street Journal said any potential collaboration is "in its early stages and may not come to fruition". Rather, it would focus on partnerships that would allow the company to expand into the financial sector while reducing the fees it pays banks and payment processors. It looks like this is a very limited move and they're partnering with JPMorgan. 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.
Amazon declined to comment on the story. That's probably because Amazon would apparently work with the big financial firms as opposed to trying to pull an end around on them.
It's important to note that the venture wouldn't include Amazon's transforming into a bank, The Wall Street Journal noted. It's unclear how fully-featured the checkings accounts would be - is this just another PayPal service, or a full checking account with access to bill payments and the global banking system?
Amazon is now growing its presence in traditional, brick-and-mortar retail with its own stores and last year's acquisition of Whole Foods.
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