Amazon's Checking Account Push Shows Next Target: Swipe Fees
- Online retailer could save $250 million a year in interchange
- Visa, Mastercard are among companies at risk of losing revenue
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Jeff Bezos changed the way America shops. Now, he wants to change how it pays for things.
With a foray into financial services, Amazon.com Inc. could disrupt the decades-old card payments system, a move that some say could save the retailer $250 million a year in swipe fees. That could be bad news for the likes of Visa Inc. and Mastercard Inc., as well as a host of other players.