JPMorgan Expands Merchant Services Offering in APAC

Global financial services firm J.P. Morgan is expanding its merchant services capabilities in Asia-Pacific (APAC) and will be offering them in seven markets in the region by the end of the year.

Already offering its acquiring solution in Australia, India and Japan, the firm recently expanded to New Zealand, Singapore and South Korea and plans to serve Hong Kong by the end of the year, J.P. Morgan said in a press release emailed to PYMNTS.

“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,” Max Neukirchen, global head of payments and commerce solutions at J.P. Morgan Chase, said in the release.

PYMNTS research has found that tech-nimble enterprises with top-line sales of up to $100 million see the APAC region as their next big greenfield opportunity.

Read more: APAC Opportunity Beckons for More Than a Third of SMBs

Among businesses across the United States, the United Kingdom and Canada, 22% sell into APAC and another 15.4% plan to make a leap into the region, according to “The Emerging APAC Opportunity,” a PYMNTS and Citcon collaboration.

More than 80 merchants in the APAC region are already using J.P. Morgan’s acquiring services, according to its press release.

The firm’s solution allows multiple payment methods, including credit cards, digital wallets and local methods of payment. It does this on a unified platform that also aggregates payments data across different markets to provide full visibility of transactions and ease of reporting, the release stated.

“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,” J.P. Morgan Head of APAC Merchant Services Philip Glickman said in the release. “We will continue to invest in additional capabilities to address the needs of our clients in a rapidly evolving online payments space.”