From anything to everything, most probably all of us shop our daily essentials at Amazon. Being a popular brand, it always offers you a plethora of products, including your office supplies, clothing, kitchen utensils, etc. as per your needs. To enhance your shopping experience to the fullest, this E-commerce giant, however, is trying hard and impressive Amazon offers from time to time are an evidence. And, it seems like the retailer is getting deeper into our lives.
According to the Wall Street Journal reports, Amazon is now collaborating with big banks, named JPMorgan Chase, to create a ‘hybrid-type checking account’. Many sources claimed that this would attract customers, especially young people who don’t have bank accounts. This initiative would help Amazon to minimize the fees that it pays for every transaction to different financial institutions. Furthermore, it also helps to give thorough information of the spending habits and income stats of its customers.
It’s not the first time that Amazon has been entering into this financial technology. The company also offers ‘Amazon Cash’ that helps customers to add cash to their digital wallet and buy products with it. It is a service similar to PayPal. Thus, it makes sense that Amazon would work with JPMorgan to launch this latest genre of checking account.
Talking about the earlier partnership with JPMorgan Chase, this e-commerce company already provides an ‘Amazon credit card’. Both the companies are also working together to offer the best of healthcare facilities for employees.
The Wall Street Journal, however, indicates that this newly ‘hybrid-type checking account’ will never get successful. The main reason behind this perception is that the company is in its initial stage of planning and there’s no idea of how this hybrid account will work. For instance, there is nothing set in regards to whether customers can write checks, make withdrawals from the account, use ATM’s to deposit, pay bills directly, etc.
Amazon is still injecting itself deeper into many areas of online shopping. This E-commerce brand has a prestigious history of looking out ways for the integration of its products.
Undoubtedly, this retailer controls almost every single aspect of online shopping, thus it is favoured by millions of customers as well. In the arena of online shopping, Amazon holds a strong foothold in the delivery of business and also sells its Amazon basic products at an unbelievable discount. Moreover, the company has better upcoming plans to take on some of the biggest delivery industry names such as UPS and FedEx.
A branded checking account would surely help Amazon to sneak into the cash flow statements of all its customers, enabling the company to know what products you are looking for. With a clear perspective of how people are spending their money, the company can offer you the best deals on products that you purchase regularly. As far as this new checking account is concerned, it will help in avoiding transaction fees and eventually, deliver the requested product to your doorstep.