J.P. Morgan, the leading merchant acquirer globally by volume of transactions, is ramping up its Merchant Services capabilities in Asia Pacific as it looks to offer the full spectrum of its payments services to corporates operating in a region that accounts for the largest retail e-commerce sales in the world.
The global financial services firm – which processed more than 35 billion transactions on behalf of clients in 2021, and is also the top merchant acquirer in the US and leading e-commerce merchant acquirer in Europe by transaction volumes – recently expanded its acquiring solution to Singapore, South Korea and New Zealand, in addition to Australia, India and Japan, with Hong Kong planned by the end of the year.
“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 Max Neukirchen, global head of Payments & Commerce Solutions at JPMorgan Chase & Co.
The bank’s merchant acquiring solution allows multiple methods of payments across APAC – including credit cards, leading digital wallets and local methods of payment – 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.
“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,” said Philip Glickman, head of APAC Merchant Services at J.P. Morgan.