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Report: Amazon wants to be your digital wallet

Report: Amazon wants to be your digital wallet
[Photo: Charles Deluvio/Unsplash]

Amazon’s credit card for Prime members has been a sleeper hit since its January 2017 launch in partnership with JPMorgan Chase & Co. By controlling how Prime customers pay, Amazon can incentivize their loyalty and closely track their purchases.

Now, Amazon is looking to move further into financial services. The retail giant asked banks including JPMorgan and Capital One to submit proposals for an Amazon-branded checking account last fall, according to the Wall Street Journal. In particular, Amazon asked the banks to dream up an account format that would appeal to younger shoppers and to the unbanked–a group that has eluded the company, whose Prime stronghold is comprised of more affluent families.

As the Journal notes, Amazon may also be interested in taking greater control of payments. It manages a product called Amazon Pay, designed to compete with the likes of PayPal, but has so far struggled to convince other retailers to adopt the processing service.

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