JPMorgan Set To Take On Paypal, Square in Fintech for Merchant Payments

  • JPMorgan Chase (NYSE:JPM) has introduced a new service that lets businesses take card payments within minutes, either through a mobile app or a contactless card reader, taking on fintech firms such as Square (NYSE:SQ), PayPal Holdings (NASDAQ:PYPL) and First Data (NYSE:FISV), CNBC reported.
JPMorgan Chase (JPM) lettering on a corporate office in New York City.
Source: Roman Tiraspolsky / Shutterstock.com
  • The bank designed its QuickAccept card reader internally with the help of a team gained from its 2017 WePay acquisition.
  • JPM’s fast funding is offered free, unlike competitors including PayPal, which typically take a day or more and charge a 1.5% fee to make instant transfers.
  • The bank expects to soon move “a large portion” of its more than three million small business customers to the new service, said Jen Roberts, CEO of the Chase business banking unit.
  • Covering the big bank’s earnings last week, Investorplace contributor Chris Markoch wrote, “There’s a pattern developing when the biggest of the big banks reports earnings. It goes like this. JPMorgan beats and its stock goes down.”
  • JPM stock is down less than 1% since the Oct. 13 earnings report while bank stocks exchange-trade fund Invesco KBW Bank ETF (NASDAQ:KBWB) is up less than 1% in the same period.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/jpm-stock-set-to-take-on-pypl-sq-in-fintech-for-merchant-payments/.

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