JPMorgan Chase announced Monday (Dec. 12) it crossed the $1 trillion mark in merchant payments processing volume for 2016 as of 11:06 p.m. Eastern Sunday (Dec. 11). In a press release, JPMorgan Chase said it is the first time it crossed the $1 trillion mark in the bank’s history.
According to JPMorgan Chase, merchant processing volume has grown annually from $750 billion in 2013 to nearly $950 billion in 2015. Black Friday 2016 had an increase of 12 percent in total transaction dollar volume, and Cyber Monday was 30 percent higher than last year.
“Our clients benefit from the fact that we’re intensely focused on payment processing, yet part of a global financial institution that can support their broader business needs,” said Commerce Solutions CEO Matt Kane in the press release highlighting the milestone. “We’re fortunate to work with companies of every size, from local pizza places to global enterprises, and their success is directly reflected in ours.”
JPMorgan Chase has been having a good year when it comes to merchant processing. In February, The Wall Street Journal, citing sources close to the matter, reported that JPMorgan Chase’s deal with Amazon to offer its co-branded Visa credit card has been renewed. Amazon and the bank have had a relationship since 2002. While this deal may seem routine since the duo have had a partnership for 14 years, WSJ reported that there were sources who indicated there may have been other card issuers in the mix after Amazon’s card business. But the report didn’t name any specific issuers. Nor did it provide the financial details behind the renewed contract between Amazon and JPMC. American Express lost its co-branded deal with Costco, which eventually went to Visa/Citi. The Costco relationship accounted for 10 percent of Amex cards, 20 percent of its loans and a healthy portion of its annual volume. That alone speaks to the value of co-branded card deals with retailers for credit card issuers. Those deals are often pitched to consumers because of the perks specific to that brand and rewards to cash in at that retailer, among others.