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Amazon may be creating a checking-account-like product, as the e-commerce giant is currently in talks with major  banks, such as JPMorgan Chase, as reported by the Wall Street Journal.

While these are only tentative plans, the talks are centred around creating a product for younger customers or those without bank accounts. However, no matter the end product, this won’t turn Amazon into a bank, said the sources.

Last month, we reported on some other of Amazon’s forays in the financial industry, where it was offering payments services and seeking fintech start-ups in countries like India and Mexico.

Read more: Amazon looks into fintech expansion via India and Mexico

Amazon’s offering comprises the e-commerce site, as well as Whole Foods grocery shopping, technology products like Alexa’s chat services, or Kindle, and video-streaming services.

The launch of a bank-account-lie product would allow Amazon to reduce what it pays to financial firms and provide it with valuable data on customers’ income and spending habits.

Read more: High street banks being stalked by technology giants, says new study

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com