The Wall Street Journal: Amazon in talks with banks on creating checking account-type product

Amazon.com Inc. is in talks with big banks including JPMorgan Chase & Co. JPM, +0.49% about building a checking-account-like product the e-commerce giant could offer its customers, according to people familiar with the matter.

The effort is still in its early stages and may not come to fruition, the people said. The talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts. Whatever its final form, the initiative wouldn’t involve Amazon becoming a bank, the people added.

If the product emerges, it would further inject Amazon AMZN, +0.49% into the lives of those who shop on its website and at its Whole Foods grocery stores, read on its Kindles, watch its streaming video and chat with Alexa, its digital assistant.

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