You probably shop at Amazon for everything: kitchen utensils, office supplies, and if you’re a member of Amazon Prime, household items like bathroom tissue and laundry detergent.
But even with all that control over your online browse experience, Amazon is still trying to inject itself deeper into the process. Now, it appears that the company is positioning itself to inject itself into the financial side of things as well — potentially lording over your next checking account.
According to a new report from the Wall street Journal , Amazon is comprising discussions with major banks such as JPMorgan Chase about creating a “hybrid-type checking account” to offer its customers. The narrative assertions the unreleased product would target young customers and people without bank account. The product would be intended to help Amazon reduce costs it was necessary to finance institutions on every transaction and give the company better insights into customers’ income and spending habits.
Of course, this wouldn’t be the first time Amazon ventured into financial tech. The corporation already offers something called Amazon Cash, which lets customers add money to a digital wallet and purchase items online with it, similar to the way PayPal operates.
It also stimulates appreciation Amazon would work with JPMorgan to liberate this new kind of checking account. The retail monster already offers an Amazon credit card of cooperating with JPMorgan Chase, and Amazon CEO Jeff Bezos and JPMorgan CEO Jamie Morgan are also partnering to launch and independent healthcare service for employees — there is therefore precedent for these two massive companies working together to release an experimental product.
The Wall street Journal warns, however, that this rumored hybrid checking account may never actually see the light of day. It’s still early in the discussion process, and there are few details available about how the report are now working. For example, it’s still unclear whether clients would be able to write checks, pay bills directly, or use ATMs to deposit and withdraw cash from the account.
Still, it seems like an obvious next step for Amazon in its never-ending effort to insert itself into more the matter of our digital lives and online shopping experience. The corporation has a well-established history of finding ways to vertically integrate its products. At its best, Amazon controls every part of the online browse experience. It has deep relationships to the consumer electronics render chain that enable the company to sell its Amazon Basics products at a steep discount. It also has a strong foothold in the delivery business — the final step in any of its transactions — and plans to continuing expanding its reaching to take on the biggest players in the delivery industry, FedEx and UPS.
An Amazon-branded checking account would finally devote Amazon a deeper look at the cashflow of all of its customers, and give the company a better sense of exactly how people are budgeting for the acquisitions they induce. Sure, people buy office supplies and household items from Amazon — but they’re increasingly buying other things like clothing and cosmetics.
With a direct belief into how people are expending their money, Amazon may finally own the full online shopping experience: The company would have deep insights into your income and expenditures, offer the best bargains on products you regularly buy, avoid transaction costs with its new checking account, and, ultimately, deliver your acquisition to your doorstep.
The entire experience would be operated by one big, monolithic company.