J.P. Morgan goes live with credit card payments processing for Alibaba
Today, J.P. Morgan (NYSE: JPM) announced it went live with credit card payments processing for Alibaba.com, the B2B business unit of Alibaba Group (NYSE:BABA).
Working together with Alipay, a leading digital life services platform operated by Ant Group, J.P. Morgan Merchant Services now powers payments made by U.S. credit cards on Alibaba.com.
The rise of marketplaces is one of the biggest trends in e-commerce, accounting for almost half of all online purchases in 2020, with online sales hitting more than $4.2T globally in 2020. Due to the growth of e-commerce, small and micro businesses need a fast, easy and safe way to seamlessly accept payments from customers across different payment methods and channels.
With the payments processing capabilities from J.P. Morgan, Alipay can now provide improved card payment services in the U.S. for Alibaba.com Trade Assurance – the free payment and order protection service for all on-platform transactions.
“J.P. Morgan is proud to be the only global bank that can manage the payments lifecycle for marketplaces – from when a customer makes a purchase, to accepting and storing that value, to ensuring that the funds reach the seller’s bank accounts,” said Takis Georgakopoulos, Global Head of Wholesale Payments, J.P. Morgan. “We are thrilled to begin processing payments for Alibaba.com as they continue to expand in the U.S., providing ease of doing business across buyers and sellers.”
With Super September – our annual month-long sales period – in full swing, there has never been a better time for US businesses to look at how they can use Alibaba.com to worry less, do business more efficiently, and grow,” said John Caplan, President of North America and Europe of Alibaba.com.