Amazon in talks with JPMorgan over checking accounts, report says

Amazon may want to construct a more seamless relationship with its millions of customers - they could pay for all the things they get from Amazon, such as books, groceries and access to TV and movies on Prime Instant Video, via an Amazon-branded checking account. "Whatever its final form, the initiative wouldn't involve Amazon becoming a bank, the people added".

Though Amazon now offers credit cards to customers through Chase, a checking account is a step deeper into the wallets of customers. Offloading key tasks to a bank could help Amazon avoid some of the strict regulations imposed on financial service providers, which would ease go-to-market efforts.

One problem with Amazon.com, Inc.'s plans are restrictions it may face from its rivals and legislators. Rather, Amazon is considering partnering up with the likes of JPMorgan and Capital One to create a "hybrid-type" checking account for customers.

Earlier this year, Amazon and JPMorgan teamed up with Warren Buffett's Berkshire Hathaway to tackle rising healthcare costs for their USA employees.

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The e-commerce giant has been contemplating getting into the finance sector for years.

Before you sell all your bank stocks. 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.

[Amazon's] more-than $700 billion market value eclipses the combined value of JPMorgan and Bank of America Corp, the two biggest US banks.

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