Summary of Everything You Need To Know About What Amazon Is Doing In Financial Services

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Everything You Need To Know About What Amazon Is Doing In Financial Services summary

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Amazon is a multinational powerhouse in e-commerce. Now the retail and tech giant is also developing a financial services hub with the potential to radically disrupt the traditional banking model. Amazon’s reach is extending into payments, banking, insurance, fintech, lending, and more. Is a “Bank of Amazon” far behind? This informative synopsis from CB Insights on Amazon’s forays and ambitions will interest financial professionals and likely surprise most Amazon customers.

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CB Insights is a data and business analytics firm. 

Summary

Amazon has steadily expanded its financial service offerings since 2007.

Amazon has made a major push into global financial services with its Amazon Pay, Amazon Cash, Amazon Lending and Amazon PayCode offerings. Introduced in 2007, Amazon Pay offers a digital wallet and a payment platform for consumers and businesses. The goal is to increase the flow of transactions, and the company is well on its way; by early 2017, it had already attracted 300 million customers across 170 countries.

Amazon Cash and Amazon PayCode help the company grow its user base by appealing to the large numbers of unbanked companies and ...


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