Digital Transactions
Meta Pay, the mobile wallet from Meta Platforms Inc., has reached an agreement with JP Morgan Chase Payments to make the payment option available to Chase merchants on their e-commerce site or mobile app.
The announcement was made earlier in the week on Twitter by Stephane Kasriel. the head of commerce and financial technologies at Meta. “Big news: We’re partnering with @jpmorgan to expand Meta Pay as a checkout option to their network of merchants! Now people will be able to use Meta Pay as an easy, secure way to pay in even more places while shopping online,” Kasriel said in his tweet.
The partnership with Chase will dramatically expand Meta Pay’s reach but also presents the fledgling payment service with some challenges, observers say. In 2021, Chase Payments acquired 102.4 million merchant transactions daily and processed $9.7 trillion a day in payments, according to JP Morgan Chase & Co.’s annual report.
“J.P. Morgan Payments has a sizable network of merchants, including many beloved brands,” a Meta spokesperson says by email. “Through this expansion, many more people will be able to use Meta Pay to seamlessly shop on the websites they love. J.P. Morgan Payments understands the value that Meta Pay can offer to their merchant network, and we’re excited to partner together to give more people the ability to use Meta Pay when they shop online.”