The next deflationary front: Amazon dips its toes into banking

Do you think your business is safe from Jeff Bezos

For customers, the payoff would presumably be some combination of low fees, free Prime membership, or Amazon-specific spending rewards.

To reinforce this goal, it seems Amazon may be expanding their reach into the financial sector.

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Amazon was creating with a big vision: to offer every type of product to consumers.

For the banking partner, the tie-up would offer a path to a swathe of new young clients, while for Amazon it could help slash the fees it pays to banks and payment processors, says the WSJ. A fear in finance is that major tech companies might try to sideline banks by handling more of their customers' electronic payments, offering financing or accepting deposits - even if those services open them up to more regulation.

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In other words, Amazon, a known disruptor, is not coming for the banking industry. However, this type of arrangement is more complicated than a co-branded credit card, and there is not much precedent for this type of model, according to the report.

Talks have also taken place with U.S. credit card lender Capital One, the Wall Street Journal said. This enables customers without a credit card to shop online. The e-commerce giant has been looking for ways to expand Amazon Pay to brick-and-mortar stores, likely via Whole Foods. Amazon didn't immediately respond to an emailed request for comment outside of normal business hours in Seattle.

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