Chase Tops $1 Trillion in Processing Volume for Merchant Clients in 2016
At 11:06 p.m. eastern time on Sunday, JPMorgan Chase crossed the $1 trillion mark in year-to-date merchant processing volume, a first in the firm’s history.
Merchant processing volume at the firm 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. “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 is the #1 ranked merchant acquirer worldwide according to the April 2016 Nilson Report and is capable of authorizing transactions in more than 120 currencies. In 2014 the firm launched ChaseNet, a proprietary closed-loop network, and Chase Pay, the firm’s digital wallet, launched last month.