Today, J.P. Morgan (NYSE: JPM) announced it went live with credit card payments processing for Alibaba.com, the B2B business unit of Alibaba Group (NYSE: BABA). Working together with Alipay, a leading digital life services platform operated by Ant Group, J.P. Morgan Merchant Services, the #1 payments processing provider in the U.S. according to Nilson, now powers payments made by U.S. credit cards on Alibaba.com.
The rise of marketplaces is one of the biggest trends in e-commerce, accounting for almost half of all online purchases in 2020, with online sales hitting more than $4.2T globally in 20201. Due to the growth of e-commerce, small and micro businesses need a fast, easy and safe way to seamlessly accept payments from customers across different payment methods and channels. With the payments processing capabilities from J.P. Morgan, Alipay can now provide improved card payment services in the U.S. for Alibaba.com Trade Assurance—the free payment and order protection service for all on-platform transactions.
“J.P. Morgan is proud to be the only global bank that can manage the payments lifecycle for marketplaces – from when a customer makes a purchase, to accepting and storing that value, to ensuring that the funds reach the seller’s bank accounts,” said Takis Georgakopoulos, Global Head of Wholesale Payments, J.P. Morgan. “We are thrilled to begin processing payments for Alibaba.com as they continue to expand in the U.S., providing ease of doing business across buyers and sellers.”
“We’re delighted to be partnering with J.P. Morgan on digital payments to help empower small and medium sized businesses in the U.S. to pivot to digital and go global,” said Douglas Feagin, who leads Global Strategic Partnerships and Investments and is a SVP at Ant Group. “We are always looking for strategic relationships with international partners to not only help merchants to better connect with suppliers around the world, but also to enable all parties to use their preferred method of payment.”
“We welcome J.P. Morgan as a new partner in our ecosystem and ally in our mission to make it easier for US small businesses to do business anywhere. These payment facilitation services will help Alibaba.com’s US small business customers further digitize their businesses with ease and peace of mind in order to take full and long-term advantage of the multi-trillion dollar global B2B e-commerce opportunity. With Super September – our annual month-long sales period – in full swing, there has never been a better time for US businesses to look at how they can use Alibaba.com to worry less, do business more efficiently, and grow,” said John Caplan, President of North America and Europe of Alibaba.com.
JPMorgan Chase supports small business owners across various parts of the firm. J.P. Morgan Merchant Services is ranked the #1 payments processing provider in the U.S., as well as ranked as the top acquirer for e-commerce in the U.S. from Nilson. Chase Business Banking provides more than 4 million small business owners financial advice as well as deposit, credit, and cash management products. The two businesses came together to launch QuickAccept℠ as part of Chase Business Complete Banking. For more information about J.P. Morgan Merchant Services, please visit https://www.jpmorgan.com/merchant-services/home.
J.P. Morgan’s Wholesale Payments business combines the firm’s treasury services, trade, card and merchant services capabilities to help clients pay anyone, at any time, from anywhere in the world. Operating at the forefront of payments innovation, our solutions help clients succeed in an era of digital transformation and evolving customer expectations. J.P. Morgan processes approximately 26 million transactions per day worth between $6-8 trillion, is the world’s top USD clearer and was the first bank to offer real-time payments across USD, GBP and EUR.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and securities services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $32.1 trillion of assets under custody and $722 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.
1 Source: Statista https://www.statista.com/topics/871/online-shopping/