Amazon Eyeballs Potential Checking Account Service
March 6, 2018
In the not-too-distant future, mortgage borrowers may be making home loan payments via a checking account run by an e-commerce titan.
According to a Financial Times report, Amazon is holding discussions with JPMorgan Chase for a potential partnership that would enable the Seattle-based company to offer customers checking account-type products. The talks are still in their earliest stages and both companies declined to comment on the story, but this would be the latest effort by Amazon to become a financial services industry player—since 2011, the e-commerce site originated $3 billion in small business loans via businesses operating on its Marketplace platform.
However, the Amazon-JPMorgan Chase discussions are not exclusive. The Wall Street Journal reported Amazon was holding similar talks with Capital One, the Virginia-based bank.
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