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Tech & Science JPMorgan tells PayPal & Co. to fight faster payments

04:50  30 october  2020
04:50  30 october  2020 Source:   finanzen.net

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But payments companies have now snagged that prized position, thanks to their central role in Enter Wall Street giant JPMorgan Chase, which yesterday announced its acquisition of WePay, a Competitors like PayPal and Stripe, for example, have recently introduced instant payments .

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The US investment bank JPMorgan has developed a new service for business customers that makes fast and contactless payments much easier. The big bank is reacting to the growing competitive pressure from fintechs such as PayPal or Square.

INDRANIL MUKHERJEE/AFP/Getty Images © Provided by Finanz.net INDRANIL MUKHERJEE / AFP / Getty Images

• JPMorgan launches QuickAccept service for faster digital payments

• Own card reader enables contactless payment

• Complete solution for business customers to make fintechs redundant

Traditional banks have to be in the age of digitization and watch out for the steadily increasing demand for contactless payment options not to fall behind. After all, more and more small and large payment service providers are finding their way into the highly competitive market and threatening to steal customers from the long-established financial houses.

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JPMorgans QuiackAccept

The US bank JPMorgan Chase has now responded to the pressure and recently launched a service for business customers that allows them to receive payments from customers even faster. The new service is called Chase QuickAccept and is intended to defy fintechs such as Square and PayPal . Card payments can now be accepted at any place and at any time using the app of the same name, as stated on the company website. The payments made are then credited to the company's account on the same day without incurring additional costs.

This should be a swipe for the payment service provider Square, which in turn takes a fee of 1.5 percent if transfers to third-party accounts are to be carried out immediately. "Our competitors either don't have same-day transfers or they charge fees. We believe this is a good differentiator for businesses because it is so important for them to get money into their accounts quickly to manage their cash flow "said Max Neukirchen, JPMorgan CEO for the retail sector, in an interview with CNBC.

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To enable contactless payment, JPMorgan has developed its own card reader that can be used for payments. According to Neukirchen, the development of this device was made possible by the acquisition of the online payment broker WePay in 2017.

If no card reader is used, manual entry of card transactions via the app is also possible. With the help of the app, business owners can also keep track of incoming payments. The costs are 2.6 percent plus 10 cents for transactions with the card reader for contactless payments from QuickAccept or 3.5 percent plus 10 cents for each manual transaction using the Chase Mobile App.

New complete solution Chase Business Complete Banking

But that is not the only innovation that JPMorgan has undertaken to bind its business customers more closely and to keep them away from the competition. Jen Roberts, managing director of the Chase Business Banking Unit, told CNBC that the bank also plans to move “a large part” of its more than three million small business customers to the new service. The major bank is now again offering a new complete solution called Chase Business Complete Banking, in which QuickAccept is also integrated. This should enable business customers to bypass fees without having to use different fintechs. With the all-in-one solution, customers are waived a monthly fee if they can make enough transactions (an average of 2,000 US dollars) per day.

With the step towards faster and contactless payment, JPMorgan could have created a service in time that would allow the US bank to benefit from the corona pandemic. After all, digital and cashless payment options have become increasingly important in times of contact restrictions and strict hygiene regulations. Finanzen.net editorial team

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The online payment service PayPal presented the key figures for the past quarter on Monday evening after trading on Wall Street. © Provided by Finanz.net SAEED KHAN / AFP / Getty Images PayPal gave investors a look at the balance sheet for the third quarter on Monday. Accordingly, the payment service reported an EPS of 1.07 US dollars. Experts had predicted earnings per share of $ 0.943 in preliminary estimates. For the same period last year, the books had a profit of $ 0.61 per paper.

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