Global payments technology company Visa has inked a letter of intent with JPMorgan Chase & Co to boost the growth of electronic payments, offer added value to merchants and deliver a better experience for cardholders.
As per the new and expanded 10-year renewable partnership agreement, the US bank will roll out a Visa powered payments platform Chase Merchant Services, for its merchants and cardholders to process transactions.
JPMorgan Chase consumer & community banking CEO Gordon Smith said, "Chase Merchant Services enables us to build direct relationships with merchants and give enhanced benefits, such as targeted offers and discounts to Chase Visa cardholders."
Integrating the lender’s acquiring business, support functions and extensive card portfolio with a customized processing technology, the new payment processing platform will allow it to transfer additional credit and debit card volume to Visa.
It is expected that the new payment processing platform Chase Merchant Services will become operational by the end of 2013.
Trading in more than 200 nations and regions, Visa connects consumers, businesses, financial institutions and governments to fast, secure and reliable digital currency.