JP Morgan Chase is joining forces with online retail giant Alibaba to help streamline credit card payments. The bank’s JP Morgan Merchant Services division is now working with Alipay to power payments made by US credit cards on Alibaba.com.
Chase and Alibaba Join Forces to Boost Alipay in the US
Alibaba.com is the world’s largest online B2B trading platform for small businesses, with approximately $109 billion in revenue in 2020. The company is an international juggernaut with major footholds in e-commerce in Asia. Now that global reach looks to expand even further thanks to a partnership with JP Morgan Chase.
Alibaba is now utilizing the payment expertise of JP Morgan’s Merchant Services to help provide US customers with a streamlined purchasing experience. Alipay, the Chinese online retailer’s payment platform, is now using JP Morgan’s payments processing capabilities to improve services in the US for Alibaba.com’s Trade Assurance — the free payment and order protection service for all on-platform transactions.
“JP 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, JP Morgan in a release. “We are thrilled to begin processing payments for Alibaba.com as they continue to expand in the US, providing ease of doing business across buyers and sellers.”
“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 eCommerce opportunity,” added John Caplan, President of North America and Europe of Alibaba.com.
About JP Morgan Chase Bank
JP Morgan Chase is a leading bank for both small businesses and e-commerce. Nilson ranks the bank as the top acquirer for eCommerce in the US, with its JP Morgan Merchant Services the number one payment processing provider. Chase also assists small businesses with an array of small business credit cards under the Chase Ink brand, including the Chase Ink Business Cash, Ink Business Preferred, and Ink Business Unlimited.
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