Seattle – Amazon.com Inc is in talks to create a checking-account-like product with big banks such as JPMorgan Chase & Co, the Wall Street Journal reported, citing people familiar with the matter.
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The process is still in its early stages and may not be completed, the report said.
Amazon’s talks with financial firms is an attempt to create a product to attract younger consumers, mainly those without bank accounts.
Whatever its final form, the initiative would not see the online retailer become a bank, the report said.
The e-commerce giant has been contemplating getting into the finance sector for years.
The company is trying to bring Amazon Pay to brick-and-mortar stores, the WSJ report said, adding that it is likely to begin with Whole Foods, which Amazon bought last year.