Published: Tue, March 06, 2018
Markets | By Erika Turner

Amazon coming for bank margins?

Amazon coming for bank margins?

As such, those that are comfortable in the prospective market on Amazon's radar can begin to feel a little uneasy, and we would imagine that emotion is pretty common among banking industry execs this morning.

The effort is still in its early stages and may not come to fruition, the people said. Walmart attempted the bank route 20 years ago, but the industry got then-Fed chief Alan Greenspan to shoot that down. Rather, Amazon is considering partnering up with the likes of JPMorgan and Capital One to create a "hybrid-type" checking account for customers. They just want Amazon customers to be able to pay for shit out of an Amazon checking account so Jeff doesn't have to pay processing fees to banks. Amazon was not immediately available for comment.

If Amazon were to launch its version of a checking account, it would cut the fees it now pays to banks and payment processors.

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Investors will be watching whether or not Amazon does wind up doing more deals with big banks - and maybe even getting Bufffett to assist in any joint ventures as well.

And of course this would nearly invariably be integrated with Amazon Pay which Bezos is already trying to push at brick-and-mortar retailers starting, of course, with Whole Foods, which he now owns. The retail giant already works with the Wall Street giant to offer cobranded credit cards to customers and the companies recently struck a new partnership to provide healthcare services for their employees.

To be clear, this does not mean the retailer will be opening up their own bank.

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