JPMorgan Payments’ Merchant Acquiring Business Passes $2T Milestone

J.P. Morgan Payments’ merchant acquiring business has settled more than $2 trillion globally in 2022.

This is the most that the business has settled through its platforms in a single year, Max Neukirchen, head of payments and commerce solutions at J.P. Morgan Payments, said in a Monday (Dec. 12) post on LinkedIn.

In his post, Neukirchen said passing the $2 trillion milestone for the first time means that the merchant-acquiring business processed nearly 350 million transactions a day, with highs of 5,000 per second — and even more during peak times.

“This is an important milestone for our franchise, and a testament to the capabilities of our platforms — all made possible by the great care and expertise of our Payments Acquiring team members who sell, engineer and operate them all day, every day,” Neukirchen wrote. “This wouldn’t have happened without them, and our clients who trust us with their business.”

The announcement comes about six weeks after the global financial services firm announced that it 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, J.P. Morgan recently expanded to New Zealand, Singapore and South Korea and plans to serve Hong Kong by the end of the year.

“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 accelerating shift toward online eCommerce,” Neukirchen said at the time.

The news also comes three months after J.P. Morgan Chase said it was acquiring payments startup Renovite to use its technology to underpin the expansion of the bank’s merchant acquiring space worldwide.