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Banking through Amazon may soon be possible

Posted: 12:02 PM, Sep 18, 2018
Updated: 2018-09-18 22:55:20Z

Amazon is in the early stages of adding a checking-account-like product to its website.

According to the Wall Street Journal , the online retailer is in talks with big banks including JPMorgan Chase & Co. to create a bank account program that will appeal to younger customers.

With millions of customers, troves of data, access to cheap capital and seemingly unlimited leeway from its investors to enter new businesses, Amazon is a fearsome competitor. Its more-than $700 billion market value eclipses the combined value of JPMorgan and  Bank of America  Corp , the two biggest U.S. banks, the WSJ reports.

A significant amount of Amazon Prime customers are interested in this feature being added. According to a report from Bain.com, 65 percent would be willing to try a free online bank account from Amazon.