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Amazon wants to make it easier to shop its website without a credit card

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Amazon is in early talks with financial institutions including J.P. Morgan Chase to help launch checking account-like products, aimed at younger customers and those without bank accounts, The Wall Street Journal reported Monday.

This is the latest move by the e-commerce giant to solve one of the biggest barriers to shopping on its website: lack of a credit card.

More than a quarter of U.S. households have no or limited access to checking and savings accounts. These so-called unbanked and underbanked households rely heavily cash or checks to fund their purchases, making shopping online difficult. Unbanked doesn't necessarily mean unconnected, about 6 in 10 unbanked consumers have a smartphone, according to the Pew Charitable Trusts.

For Amazon, this group of shoppers is increasingly vital. New prime subscriptions flattened in the third quarter of 2017, according to analysts at Morgan Stanley. Another survey by Piper Jaffray in June said that 82 percent of U.S. households with more than $112,000 in annual income are already Prime members. Its reach is the lowest among those that make less than $41,000 a year.


Source :- abcnews
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