Amazon is perhaps the biggest powerhouse in the world. It is already a leader in personal assistants with Amazon Echo, a production company for movies and television, a grocery store, and more.
Now, Amazon is looking to branch out to the financial sector, with checking accounts. According to the Wall Street Journal, Amazon has been "in talks" with JP Morgan Chase, and other banking institutions, to develop a product that would serve the same purpose as a checking account. Amazon knows that a good amount of people lack confidence in the banking system. They want to cater to those who do not have a bank account, and to those who are of low-income.
Last year, Amazon tried a program called Amazon Cash, that catered to those who did not have a bank account. It allowed customers to reload money onto an online gift card. Amazon says that a checking account would be an "extension" of that program.
Amazon said that they intend to offer perks to those who sign up for the checking accounts. One of the perks would be an Amazon Prime membership at a discounted rate. Customers would have to link their Amazon account to their Amazon bank account, in order to take advantage of the discount (as a person who has Prime Membership, it is well worth the money, especially if you're a mom).
This project is still in its early stages, and Amazon is not making guarantees that the program would come to fruition.
My Two Cents
I think this would be a great program. I know people who do not have a bank account, their reason being their distrust for banks. I think this would provide a better option than just keeping wads of cash in hidden spaces.
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