Not glad with being the most important on-line retailer on the planet, Amazon has its sights set on a brand new product for a brand new demographic: checking accounts for teenagers.
Sources talking with Bloomberg say Amazon is in early talks with banks about providing a checking account-like product to these too younger to open one at a standard financial institution with out their dad and mom’ permission.
Amazon apparently plans to purpose the accounts squarely at teenagers, having it attraction to that age group in addition to individuals who do not have a bank card. Amazon Alexa may additionally function within the product, additional interesting to teenagers who’re rising up with voice assistants.
Amazon has already waded into the monetary service waters with Amazon Money, which lets customers add bodily money to their Amazon account by visiting brick-and-mortar shops.
The brand new checking account product can be extra streamlined than this, and supply a substitute for those that do not have financial institution accounts to start with.
What are you shopping for?
One concern Amazon may run into is that teenagers favor going to bodily shops reasonably than purchasing on-line. The age-old custom of hanging out on the mall with your mates apparently hasn’t pale within the digital age.
A further concern we see is the difficulty of privateness. Amazon would have entry to lots of private details about younger folks earlier than they flip 18, together with, in fact, their spending habits.
This could be good for Amazon’s enterprise, however raises the query of how a lot info we flip over to tech firms within the title of comfort.
There is no phrase but on when Amazon’s checking accounts would go dwell, however we’ll preserve you posted.