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Amazon's chequing system bad news for card payments

The direct link with banks would allow money to be moved directly, potentially saving Amazon US$250m a year

Published Sun, Mar 11, 2018 · 09:50 PM
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New York

JEFF Bezos changed the way America shops. Now he wants to change how it pays for things. With a foray into financial services, Amazon.com could disrupt the decades-old card payments system, a move that some say could save the retailer US$250 million a year in swipe fees.

That could be bad news for the likes of Visa and Mastercard as well as a host of other players. Amazon is in early discussions with banks to create a product similar to chequing accounts, people familiar with the matter said this week.

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