J.P. Morgan Supports Alipay to Provide Card Payment Services for Alibaba.com in the U.S.
September 16 2021 - 8:30AM
Business Wire
Today, J.P. Morgan (NYSE: JPM) announced it went live with
credit card payments processing for Alibaba.com, the B2B business
unit of Alibaba Group (NYSE: BABA). Working together with Alipay, a
leading digital life services platform operated by Ant Group, J.P.
Morgan Merchant Services, the #1 payments processing provider in
the U.S. according to Nilson, now powers payments made by U.S.
credit cards on Alibaba.com.
The rise of marketplaces is one of the biggest trends in
e-commerce, accounting for almost half of all online purchases in
2020, with online sales hitting more than $4.2T globally in 20201.
Due to the growth of e-commerce, small and micro businesses need a
fast, easy and safe way to seamlessly accept payments from
customers across different payment methods and channels. With the
payments processing capabilities from J.P. Morgan, Alipay can now
provide improved card payment services in the U.S. for Alibaba.com
Trade Assurance—the free payment and order protection service for
all on-platform transactions.
“J.P. Morgan is proud to be the only global bank that can manage
the payments lifecycle for marketplaces – from when a customer
makes a purchase, to accepting and storing that value, to ensuring
that the funds reach the seller’s bank accounts,” said Takis
Georgakopoulos, Global Head of Wholesale Payments, J.P. Morgan. “We
are thrilled to begin processing payments for Alibaba.com as they
continue to expand in the U.S., providing ease of doing business
across buyers and sellers.”
“We’re delighted to be partnering with J.P. Morgan on digital
payments to help empower small and medium sized businesses in the
U.S. to pivot to digital and go global,” said Douglas Feagin, who
leads Global Strategic Partnerships and Investments and is a SVP at
Ant Group. “We are always looking for strategic relationships with
international partners to not only help merchants to better connect
with suppliers around the world, but also to enable all parties to
use their preferred method of payment.”
“We welcome J.P. Morgan as a new partner in our ecosystem and
ally in our mission to make it easier for US small businesses to do
business anywhere. These payment facilitation services will help
Alibaba.com’s US small business customers further digitize their
businesses with ease and peace of mind in order to take full and
long-term advantage of the multi-trillion dollar global B2B
e-commerce opportunity. With Super September – our annual
month-long sales period – in full swing, there has never been a
better time for US businesses to look at how they can use
Alibaba.com to worry less, do business more efficiently, and grow,”
said John Caplan, President of North America and Europe of
Alibaba.com.
JPMorgan Chase supports small business owners across various
parts of the firm. J.P. Morgan Merchant Services is ranked the #1
payments processing provider in the U.S., as well as ranked as the
top acquirer for e-commerce in the U.S. from Nilson. Chase Business
Banking provides more than 4 million small business owners
financial advice as well as deposit, credit, and cash management
products. The two businesses came together to launch QuickAccept℠
as part of Chase Business Complete Banking. For more information
about J.P. Morgan Merchant Services, please visit
https://www.jpmorgan.com/merchant-services/home.
J.P. Morgan’s Wholesale Payments business combines the firm’s
treasury services, trade, card and merchant services capabilities
to help clients pay anyone, at any time, from anywhere in the
world. Operating at the forefront of payments innovation, our
solutions help clients succeed in an era of digital transformation
and evolving customer expectations. J.P. Morgan processes
approximately 26 million transactions per day worth between $6-8
trillion, is the world’s top USD clearer and was the first bank to
offer real-time payments across USD, GBP and EUR.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader
across banking, markets and securities services. The world’s most
important corporations, governments and institutions entrust us
with their business in more than 100 countries. With $32.1 trillion
of assets under custody and $722 billion in deposits, the Corporate
& Investment Bank provides strategic advice, raises capital,
manages risk and extends liquidity in markets around the world.
Further information about J.P. Morgan is available at
www.jpmorgan.com.
____________________________ 1 Source: Statista
https://www.statista.com/topics/871/online-shopping/
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version on businesswire.com: https://www.businesswire.com/news/home/20210916005216/en/
Jessica Francisco 212-270-1719
jessica.francisco@jpmchase.com
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