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Amazon plans to launch its own banking service

Amazon, the world’s largest online retailer, has created special accounts as part of a new banking service. This new service, however, does not imply that Amazon intends to launch its own full-fledged bank; rather, the new service will allow users to pay for online purchases and replenish their accounts without having them connected to a bank card. This will allow Amazon to receive more information about customer transactions and attract customers (especially millennials) who do not want to use bank cards. It will also allow the retailer to save on commissions that, for purchases with other cards, are sent to outside organizations.

Recently, Amazon has begun to position itself more and more as an entire ecosystem, including an online store, a Whole Foods product network, gadget production and a delivery service. In January 2018, the company also launched a supermarket without cash registers.

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