JPMorgan Launches Real-time Payment Offering
(13 August 2021 – USA) JPMorgan is launching a new real-time payment service in a bid to gain ‘above average’ market share in the high-growth digital payments space.
The new payment product denoted as ‘Request for Pay’ enables corporates to send payment requests to consumers or retail clients through its newly launched digital retail banking app, cutting the cost and time it takes for businesses to get paid.
The bank views this service a key benefit for industries such as gas supply and distribution. By way of example, it will help gas distribution companies get paid more quickly for re-filling gas station supply tanks.
This digital product is the first of many other technology-based initiatives as the bank seeks to invest substantially in sectors that has growth sharply as more businesses turn to an online platform.
“Our job is to give multiple different payment types so corporates and merchants can provide the right options to their customers” commented JPMorgan Global Head of Real-time Payments, Cyrus Bhathawalla.
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