According to sources speaking with Bloomberg, Amazon is furthering their progress in teaming up with JPMorgan Chase & Co. and Capital One Financial Corp. in order to start a sort of checking account system aimed at teenagers.
Why? According to Amazon, despite their success across a majority of age markets, but individuals between the ages of 18 and 24 can be somewhat reluctant and/or unable to use their online market due to their lack of debit cards and/or bank accounts. This in turn forces them to pay for products with actual cash at actual stores, which obviously infringes upon Amazon’s quest for world domination.
Amazon has already tried to appeal to cash users with Amazon Cash last year, which allowed customers to print out bar codes or display them on a mobile devices. Afterwards, the buyer needed to go to a real life retailer, which would then allow them to deposit cash into an Amazon wallet online. However, this is just as cumbersome as it sounds, so Amazon is looking for their online checking account to streamline the process.
One of the senior directors Total System Services Inc.’s payment processor, Gavin Rosenberg believes this could be a big hit with this younger demographic. He told Bloomberg, “The younger generations are less concerned about privacy, so they’re more apt to use them.”
If everything goes according to Amazon’s plan, it sounds like Rosenberg can exactly right.
[via The Verge]