J.P. Morgan is growing its digital payments ventures in Asia with its In-Solutions Global investment.
The partnership announcement comes as the first major investment into In-Solutions Global since its launch in 2004, according to a Monday (Dec. 19) press release emailed to PYMNTS.
Headquartered in India, In-Solutions Global is a Payments-as-a-Service platform that simplifies the payment collection process for its clients to make the onboarding and custom service process easier.
“Combining our forces through this strategic investment will enable J.P. Morgan to deliver globally consistent and locally relevant payment solutions to our clients as they grow their businesses today and into the future,” said Jason Tiede, global head of Fintech and Partnerships for Payments at J.P. Morgan.
J.P. Morgan’s investment in the digital payments company is also a part of the company’s recently revamped initiativeto expand its merchant investments in the APAC region announced on Oct. 27.
“The APAC payments space continues to evolve rapidly and this investment is testament to our commitment to help our clients digitalize, optimize and simplify their payment operations in one of the fastest growing e-commerce regions in the world,” J.P. Morgan Head of Payments for APAC Madhav Kalyan said in the Monday release.
Digital payments and eCommerce merchants are on the rise in Asian countries, according to the December PYMNTS report, “The Emerging APAC Opportunity: Local Payment Methods.”
The research report found that 40% of international eCommerce retailers are planning to expand into the APAC region in the next three years, and 13% of those retailers are currently accepting digital wallet payments from local APAC companies.
So, by investing further in digital payments companies based in the region, J.P. Morgan is setting itself up for long-term success in its APAC ventures like In-Solutions Global.
“We … will continue to invest in solutions that are integrated and scalable for clients operating in or expanding into the region,” said Kalyan.
Read more: JPMorgan Buys $800M Stake in Viva Wallet
Just last week (Dec. 17), J.P. Morgan further invested in digital payments through its 48.5% acquisition in Greek payments firm Viva Wallet. The $800 million deal is expected to be officially announced early this week. This investment into Viva Wallet exposes the company digital payment services through online stores in 24 countries across Europe.
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