The big payments provider J.P. Morgan Payments expanded its reach into different sectors this week through deals with leading retailer Walmart Inc.’s Walmart Marketplace and buy now, pay later specialist Affirm Inc.
At the Shoptalk conference in Las Vegas, the payments unit of J.P. Morgan Chase & Co., the biggest U.S. banking company, on Tuesday unveiled its so-called embedded finance solution for sellers on the Walmart Marketplace e-commerce platform. The service enables Walmart Marketplace to sign new business users, implement payment accounts, receive payouts, and manage cash flows and transfer funds. The system works with clients’ existing technology platforms, according to J.P. Morgan.
“Clients that integrate our embedded finance solution into their platforms benefit from the convenience of a single provider to accept, manage, and send funds,” Lia Cao, head of embedded finance and solutions at J.P. Morgan Payments, said in a statement.