The Bank of Amazon

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Jeff Bezos is continually looking at ways to grow Amazon into a powerhouse aimed at crushing the competition. They are in the technology business with FireTV, Fire Tablets, and Alexa, grocery business with Whole Foods, retail business with Amazon (Prime), server business with AWS (their biggest money maker), TV and music business with Prime, air cargo business with Prime Air, and now are looking at getting into the banking business.

What better way to make sure the customers come back than to offer to hold their money for them?

In all seriousness them (potentially) partnering with a bank, such as JP Morgan Chase, will allow them to offer customers more purchasing options, especially for your big ticket items. Companies partnering with banks are nothing new as we saw Google partner with Synchrony (Bank) to allow customers the option to finance phones (and other items) through Google.

Amazon having the ability to partner with a bank will allow them to set up payment plans for customers while profiting off the interest rates. Won’t be long before we see Amazon bank and credit cards being a staple in wallets across the country.

 

Source: CNBC

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