JPMorgan Advances APAC Merchant Acquiring Capabilities
(1 November 2022 – Singapore) JPMorgan is ratcheting up its Merchant Services capabilities in Asia Pacific (APAC) as it seeks to offer the full gamut of payments services to corporates.
The APAC region that accounts for the largest retail eCommerce receivables globally. As the leading merchant acquirer globally by volume of transactions, processing over 35 billion transactions on behalf of clients in 2021, JPMorgan expanded its acquiring solution to Singapore, South Korea and New Zealand along with Australia, India and Japan. Hong Kong is also planned by the end of 2022.
The bank’s merchant acquiring solution allows multiple methods of payments across APAC on a unified platform that can aggregate payments data across different markets through a features-rich dashboard, providing full visibility of transactions and ease of reporting. Payment types supported include credit cards, leading digital wallets and local methods of payment.
“We are the only bank in the region that can offer merchant services at scale, with an emphasis on delivering best-in-class, innovative and consistent experiences that our clients know us for, through our existing banking relationships and implementation expertise. We will continue to invest in additional capabilities to address the needs of our clients in a rapidly evolving online payments space” commented JPMorgan Head of APAC Merchant Services, Philip Glickman.
“We are excited about the continued expansion of Merchant Services in APAC, one of the fastest growing e-commerce regions in the world. By offering merchant acquiring capabilities, we are able to provide a complete payments experience – ranging from pay-in, to cash management and pay-out services – that’s integrated and scalable for clients operating in or expanding into the region amid the accelerated shift toward online commerce,” said JPMorgan Global Head of Payments & Commerce Solutions, Max Neukirchen.
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