As part of the extended agreement, JPMorgan Chase will launch Chase Merchant Services, a payments platform powered by Visa that JPMorgan Chase will use to create more differentiated experiences for its merchants and cardholders. The platform will process transactions initiated with JPMorgan Chase-issued Visa cards at merchants that JPMorgan Chase enrolls in Chase Merchant Services.
Chase Merchant Services combines the capabilities of JPMorgan Chase’s acquiring business, support functions and extensive card portfolio with a customized processing solution that Visa and JPMorgan Chase will create using Visa’s network, VisaNet. JPMorgan Chase also will shift additional credit and debit card volume to Visa, driving more transactions on the Visa network.
Chase Merchant Services is expected to be operational by the end of 2013.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now