The Amazon bank account

AMAZON is in talks with banks about creating its own current account service.

The internet shopping giant has been discussing the idea with JP Morgan Chase and other financial firms, according to the Wall Street Journal.

It would be aimed at younger customers and those without bank accounts, but the firm would stop short of becoming a bank. The move would mark yet another attempt by the tech company to break into a new industry.

Amazon stunned the retail sector with its £10.7bn takeover of Whole Foods last year and rumours it is poised to sell prescription drugs have also set pulses racing in the pharmaceuticals industry.

Its £527bn market cap – bigger than the combined value of JP Morgan and Bank of America, the two biggest US banks – makes it a formidable and wellresourced competitor in banking.

However, the report yesterday said Amazon was more likely to partner with an existing bank than become one, partly due to tough capital controls it would be subject to otherwise.

Last night a spokesman for Amazon declined to comment.