Friday , January 22, 2021

JPMorgan Chase’s Merchant-Processing Volume Jumps 17%

With the economy still humming along in 2018’s fourth quarter, a nearly 17% increase in merchant-processing volume by JPMorgan Chase & Co. augurs strong volume growth by Visa Inc. and Mastercard Inc. when the bank card networks report financial results later this month.

New York City-based JPMorgan Chase operates the nation’s largest bank-owned merchant-acquiring business. On Tuesday, the company said it processed $375.2 billion in merchant volume in the quarter ending Dec. 31, up 16.7% from $321.4 billion a year earlier. For all of 2018, JPMorgan Chase’s merchant volume rose 15% to $1.37 trillion from $1.19 trillion in 2017.

The nation’s biggest bank by assets also reported that its fourth-quarter credit and debit card sales volume rose 10% year-over-year to $270.5 billion. Full-year credit and debit volume totaled $1.02 trillion, an 11% increase from 2017’s $916.9 billion.

Also Tuesday, Wells Fargo & Co., a top debit card issuer, reported fourth-quarter point-of-sale debit purchase volume of $89.8 billion, up 8% year-over-year on a 6% increase in transactions. Wells’s general-purpose consumer credit cards saw POS purchase volume rise 5% to $20.2 billion.

Visa is scheduled to issue its next quarterly financials on Jan. 30 and Mastercard on Jan. 31.

Check Also

Discover Posts Volume Gains for Its Payments Properties But Logs an Overall Revenue Drop

Discover Financial Services reported mixed results Thursday for the fourth quarter of 2020. Despite a …

Do NOT follow this link or you will be banned from the site!