JPMorgan Has a Plan to Help Amazon and Airbnb Look More Like Banks
- New e-wallet is aimed at the likes of Airbnb, Lyft, Amazon.com
- Banks are trying new ways to defend $280 billion now at risk
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JPMorgan Chase & Co. has long feared that technology giants will act more and more like banks. The firm’s surprising solution: help them do it.
The bank has spent the last year developing an e-wallet tailored for companies such as Airbnb, Lyft Inc. and Amazon.com Inc. that it says could help online marketplaces and companies in the gig economy defend against getting cut out of the businesses they helped create. In the process, they’ll look a little more like banks.