Bain and Co, estimates that a banking service from Amazon could swell to more than 70 million US customer accounts within five years, equalling the size of the country’s third largest bank, Wells Fargo.
The analysis by the firm’s banking and payments lead Gerard du Toit and retail head Aaron Cheris, follows reports earlier this week that the e-commerce behemoth has begun talking to banks, including JPMorgan Chase and Capital One, about developing a checking account-style product for its millions of customers.
