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Report: Amazon considers launching checking account service

Amazon wants to give an under-served customer group more buying power.

The online giant is mulling the benefits connected to launching a product similar to a checking account, according to Bloomberg, which cited The Wall Street Journal.

According to the report, Amazon is targeting younger consumers and people without checking accounts. The new banking product would help Amazon lower fees it pays to financial firms, and give it a bigger window into customers’ income and spending habits.

If the plan becomes a reality, it will give Amazon another way to engage customers outside of its retail online model. For example, the retailer is gaining a foothold in grocery through its recent acquisition of Whole Foods Markets. It is also teaming up with Berkshire Hathaway and JPMorgan Chase to form an independent healthcare company for their employees in the United States.

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