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JPMorgan Chase & Co. reported Tuesday that charge volume in its massive merchant-processing business grew 12% in the second quarter, and Wells Fargo & Co. said its merchant-related fee income rose 10%.
New York City-based JPMorgan Chase said payment volume in its Chase Commerce Solutions unit totaled $234.1 billion versus $209 billion a year earlier. Transactions hit 10.1 billion, an increase of 9% from 9.3 billion in 2014’s second quarter.
Chase Commerce Solutions includes merchant acquirer Chase Paymentech, the ChaseNet in-house service that processes Visa transactions on Chase-branded payment cards, and the Chase Offers loyalty service. JPMorgan Chase claims to be the nation’s biggest bank-owned acquirer, and the nation’s largest e-commerce processor based on data reported by Internet Retailer magazine.
The company also claims it has more active mobile-banking customers—21 million, up 22% from 17.2 million a year ago—than any other big bank.
Meanwhile, San Francisco-based Wells Fargo reported that merchant-processing fees for the second quarter rose 10% to $202 million from $183 million a year ago. Wells is one of the nation’s biggest merchant acquirers through a joint venture with processor First Data Corp.
The bank also said it had 26 million active online- and mobile-banking users as of May, including nearly 16 million mobile users. Customer adoption of mobile banking is growing in double digits from year-earlier levels, Wells said.
