By Eric Lieberman
Amazon is in discussions with banking giants like JPMorgan Chase as the tech conglomerate appears to be in pursuit of entering the industry, The Wall Street Journal reported Monday.
While it’s not yet clear if anything ever comes of the alleged meetings, it is another example of Amazon trying to carve out spheres of influence in an additional industry. The company already has Amazon Pay, a service that provides purchasing capabilities on third-party platforms, but now apparently wants to explore offering a “checking-account-like product,” according to WSJ.
Amazon is also organizing an attempt to delve into the multi-billion dollar prescription drug business, according to CNBC. Once a relatively simple e-commerce service, Amazon also has branches and subsidiaries for film and show production, cloud computing technology, both brick and mortar and delivery services for groceries, and electronics, like smart speakers and tablets.
The reported move into the world of banking would further exemplify Amazon’s perpetually growing power, as well as its assertive inclination to spread its focus to a wide variety of endeavors. Now that there is a fairly newfound hatred of Silicon Valley, and Amazon in particular, many may see this as Amazon stretching its proverbial tentacles into almost all aspects of society.
In fact, a majority of Americans want the government to regulate Silicon Valley in some way, according to an Axios survey. But wariness of Amazon doesn’t seem to be keeping up proportionally to its growth, at least relative to other firms in the area, a survey of 1,000 Americans by Insurance Quotes shows.
Roughly 64 percent of Americans trust Amazon, but only 53 and around 28 percent of people in the country feel the same about Google and Facebook, respectively.