news.cuna.org/articles/108996-news-of-the-competition

News of the Competition

January 7, 2016

LONDON (1/7/16)--Amazon apparently has eyes on more than just merchandise sales--at least in the United Kingdom--as the online retail giant’s U.K. division recently unveiled a loan product that shoppers can use to finance big purchases such as appliances (American Banker Jan. 6). While analysts expect the product to at first gobble up in-store retailer financing options, they also believe the loan product signals a longer-term strategy by the company to edge deeper into the financial services landscape, similar to recent lateral steps by Facebook and Apple. “What’s under attack is bank profit pools,” said Dave Birch, a payment consultant in London (American Banker). Amazon has stayed mum on plans to introduce the product stateside, but observers have said consumers can expect to see the offering in the United States in the near future …