Amazon Explores New Checking Accounts Product

These are the companies Amazon owns

Amazon has begun talking to banks, including JPMorgan Chase and Capital One, about developing a checking account-style product for its millions of customers, according to the Wall Street Journal. Amazon was not immediately available for comment.

But if Amazon does wind up offering checking accounts, it will be just the latest example of how the e-commerce giant is extending its tentacles into just about every aspect of its customers' lives. It will also stream video series it owns to a TV stick it designed, commanded by a voice-recognition AI developed in-house, running on the cloud services it provides to hundreds of thousands of customers.

Amazon apparently wants to be your bank. Citing people familiar with the matter, the report indicated that Amazon's target is younger consumers and people without existing bank accounts.

The company is already the most dominant force in online retail - and arguably retail in general.

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

Banks are also eager to partner with startup financial products, which often offer all the services of a bank without a traditional account.

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

It's important to note that the venture wouldn't include Amazon's transforming into a bank, The Wall Street Journal noted.

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