Digital bank accounts for JPMorgan Chase clients

JPMorgan Chase has announced that it intends to launch an e-wallet for e-commerce and the “project-based economy.” Through the new product, companies using bank services, such as Amazon and Airbnb, can offer digital banking accounts to clients.

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1 A testing ground for cryptocurrencies?

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According to Bloomberg, the Wall Street giant has spent a year building an electronic wallet that offers online marketers the opportunity to offer their millions of customers digital bank accounts and related benefits. This will reduce payment processing fees and increase the speed of transactions.

The payments sector made up about 10% of JPMorgan’s revenues, which amounted to $ 109 billion last year. JPMorgan Chase bets that payment networks will continue to account for a larger share of its revenue over the coming years.

According to official statements, the bank is targeting

“The 10 largest players in e-commerce and project-based economics. We want the whole industry to use it. “

A testing ground for cryptocurrencies?

JPMorgan Chase launched its own stable cryptocurrency, JPM Coin, earlier this year. At present, it is mainly used to facilitate international payments. The bank said that it may be accessible to retail customers in the future.

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This new e-wallet could prove that the bank is testing the possibility of entering the digital payments sector. Despite CEO Jamie Dimon’s reputation for being relatively hostile to Bitcoin, JPMorgan was the first bank to use blockchain technology to issue cryptocurrencies.

Payment processors such as PayPal and Ayden are already threatening banks’ payment revenues. Fear of an American version of Alipay or WeChat puts pressure on the banking industry for more efficient solutions.