E-commerce company Amazon is debating a P2P payments feature that would allow users to make payments via its Alexa virtual assistant, a move that would push Amazon into competition with providers like PayPal and Mastercard.
The move, reported by the Wall Street Journal this past Friday, comes as Amazon is exploring several new projects in banking and fintech, including checking accounts with JPMorgan Chase. The P2P service would be conducted through the company’s Alexa speaker, capsizing on the growing popularity of voice devices among consumers. Capital One was the first major back to introduction Alexa functionality.
The feature comes after Amazon CEO Jeff Bezos sent out an employee mandate on the future of financial services within the company, the WSJ reported. The company has also added its Amazon Pay team — its own mobile wallet service — to the team focusing on Alexa and the future of voice, the WSJ reported.
While there are no specific plans in place for such a feature yet, according to the WSJ, running such a service via Alexa would require the device, and Amazon, to have access to more of their consumers’ bank data.
Read more at the WSJ and Investopedia.