Visa and JPMorgan Chase have expanded their 10-year partnership agreement and launched a new payments platform.
The platform, called Chase Merchant Services, is powered by Visa and will process transactions initiated with JPMorgan Chase-issued Visa cards at enrolled merchants.
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The partnership, designed to ‘accelerate the growth of electronic payments’, will see JPMorgan Chase shift additional credit and debit card volume to Visa, driving more transactions on the Visa network.
William Sheedy, Visa group president, Americas, said: "As technology drives the evolution of the payments industry, there are more opportunities to deliver value for merchants and cardholders at the point-of-sale.
"Visa is focused on innovating to allow clients of all sizes to differentiate based on their strategy, priorities and customer needs."
Chase Merchant Services is expected to be operational by the end of this year.
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