The Los Angeles Post
U.S. World Business Lifestyle
Today: April 13, 2025
Today: April 13, 2025

JPMorgan joins France's payments network CB to skirt Visa, Mastercard

A sign outside JP Morgan Chase & Co. offices is seen in New York
April 26, 2024
Reuters - Reuters

PARIS (Reuters) - JPMorgan Chase & Co said on Tuesday it had joined France's leading payments network Cartes Bancaires (CB), becoming the first U.S. bank to do so as it seeks to offer cheaper card payment costs to its clients in the country.

JPMorgan's merchant customers, which include some of the largest U.S. firms, will be able to process their payment via the CB's network by the end of 2024, JPMorgan added, offering a domestic alternative to rival services provided by Visa and Mastercard.

By doing so, the U.S. bank aims to "provide competitive transaction costs" to its clients, it said, without elaborating.

For international transactions where the CB network isn't accepted, the CB-branded cards can fall back on the Visa or Mastercard networks. In such cases, the payment processing would follow the rules and networks of Visa or Mastercard.

For payments made locally in France, it's usually cheaper for merchants run them over Cartes Bancaires.

JPMorgan joined Cartes Bancaires' 12-member governance body on Feb. 15.

The so-called "principal members" include all major French lenders such as BNP Paribas, Societe Generale and Credit Agricole. The only foreign bank in the circle so far was HSBC.

Founded 40 years ago, the Cartes Bancaires network processes about two thirds of the everyday French consumers' transactions. There are about 76 million CB cards in circulation. Cartes Bancaires also operates 50,000 cash dispensers.

Lenders are seeking to grow in the payments business, which a 2023 McKinsey report sees reaching $3.2 trillion globally in 2027, up from $2.2 trillion in 2022.

Out of this total, McKinsey estimates the share of banking revenues to be 38%, up from 36% in 2022.

(Reporting by Mathieu Rosemain; editing by David Evans)

Related Articles

Unipol chair hints that ING could be studying Popolare di Sondrio bid Macron's chief of staff Alexis Kohler joins Societe Generale UBS could relocate Swiss HQ if capital demand is not reduced, Bloomberg News reports Sabadell urges Spanish government to be transparent on BBVA takeover bid
Share This

Popular

Business|Economy|Europe|Finance|Political

Britain makes $26 billion export finance support available amid tariff turmoil

Britain makes $26 billion export finance support available amid tariff turmoil
Americas|Business|Economy|Finance|US

KKR nears deal to buy OSTTRA for about $3 billion, Bloomberg News reports

KKR nears deal to buy OSTTRA for about $3 billion, Bloomberg News reports
Business|Economy|Europe|Finance|Political

UK finance minister eyes closer EU ties, warns 'profound' impact of tariffs

UK finance minister eyes closer EU ties, warns 'profound' impact of tariffs
Business|Technology|Travel|US

A helicopter crash left a Siemens executive, his family and their pilot dead. Hereโ€™s what we know

A helicopter crash left a Siemens executive, his family and their pilot dead. Hereโ€™s what we know

Economy

Business|Economy|MidEast|Political|World

Syrian officials plan to attend IMF, World Bank meetings in Washington DC, sources say

Syrian officials plan to attend IMF, World Bank meetings in Washington DC, sources say
Business|Economy|Political|US

US appeals court allows layoffs, but not dismantling of consumer watchdog

US appeals court allows layoffs, but not dismantling of consumer watchdog
Economy|Political|Technology|US

Trump spares smartphones, computers, other electronics from China tariffs

Trump spares smartphones, computers, other electronics from China tariffs
Economy|MidEast|Political|US|World

Iran and US envoys hold 1st negotiation over Tehran's nuclear program, and talk face-to-face

Iran and US envoys hold 1st negotiation over Tehran's nuclear program, and talk face-to-face

Access this article for free.

Already have an account? Sign In