Amazon may be expanding into online banking. The Wall Street Journal reported Monday that the e-commerce giant is in early talks with financial institutions to build a “checking-account-like” product for its customers.
The move is being seen by analysts as a move to increase engagement on its own marketplace by appealing to a younger, under-banked demographic. Such a move would pave the way to online shopping access, driving revenue growth while building customer loyalty. Similar moves have worked well for other overseas retailers, such as Alibaba and Rakuten.
Will this idea come to fruition? Watch this space for updates.