Amazon in talks with JPMorgan to launch business credit card
Amazon waded further into the crowded waters of B2B supply this week, with reports the e-commerce giant was in talks with US banks about offering a credit card to small US-based businesses.
Bloomberg, citing sources “with knowledge of the matter”, said Amazon was in talks with banks including JPMorgan Chase & Co, although the company itself declined to comment.
The move comes after the company launched a Prime membership for businesses last year, offering the same fast and free delivery it became famous for on office supplies and other business goods.
In the report, Bloomberg said the new credit card - which would give businesses rewards points on their purchases - could also lead to Amazon offering features such as business insurance through a specialty portal.
It could also use its extensive transaction data to help tailor the rewards offered to businesses.
American Express - the leading issuer of credit cards to US businesses - saw its stock decline on the news late on Monday, with shares in credit card issuer Discover and business supply firms Grainger and Fastenal also slipping.
Amazon already offers two credit cards to US consumers through JPMorgan and Synchrony Financial, and one in the UK in partnership with NewDay
Recently, it was also revealed that Amazon was in talks with both JPMorgan and Capital One to launch a product akin to a current account, in a bid to help it lower its credit card fees bill.