Amazon in talks with JPMorgan Chase to offer checking accounts

The online retail store Amazon is in talks with big banks about creating a checking account for its customers.

According to the Wall Street Journal, the online retailer is exploring the idea with JP Morgan Chase and Capital One Financial. The goal is to appeal to younger customers and those without credit or bank accounts.

Offering such a product would allow Amazon to draw new customers and cut down on fees it currently pays to banks for handling credit and debit card transactions.

In 2017, Amazon purchased the grocery chain Whole Foods in an attempt to break into the grocery industry.

It recently bought the Santa Monica-based home security company Ring, reportedly for more than $1 billion, to compliment its Amazon Key delivery service.

In January, it was reported Amazon would form a health insurance company with JP Morgan Chase and Berkshire Hathaway for its employees in the United States.