Amazon is coming for your checking account next

Reuters

Amazon was not immediately available for comment.

The reports says that Amazon is still only in the early stage of plans to offer a checking account service for its customers.

Besides e-commerce and tech, Amazon also has its fingers in the brick-and-mortar retail, grocery, and shipping businesses, to name just a few.

Amazon, of course, has millions of customers, access to cheap capital, and tons of data, making it a potentially fearsome competitor to the banking industry.

"The talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts".

Nevertheless, the survey found nearly 1 in 4 consumers said they'd have less trust in Amazon than in a traditional bank, while only 17 percent said they'd trust Amazon more. It's a miracle you're not reading this on an Amazon-designed smartphone. The company announced in late January it was entering the health care insurance business in a partnership with JPMorgan Chase, and Warren Buffett's Berkshire Hathaway.

The report helps answer one of the most often-asked questions on Wall Street: When's Amazon going to show up?

If successful, the effort could place Amazon's services at the financial heart of American households: their cash flow.

JPMorgan Chase, one of the banks Amazon is reportedly in talks with, has clearly been thinking about the Amazon effect for some time.

To be clear, this does not mean the retailer will be opening up their own bank.

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