JPMorgan announced on Tuesday its membership of the Cartes Bancaires (CB) economic interest group (EIG) as a principal member, a first for an American bank.
Being a CB member allows us to take a new step in Europe and in France, declared Ludovic Houri, co-head of payments in Europe at JPMorgan, quoted in a joint press release from the two companies.
During a card transaction, CB allows the money to pass from the buyer’s account to the seller’s account. JPMorgan, with 900 employees in France, will offer its merchant clients CB services by the end of the year, specifies the American bank.
This new membership, effective since February 15, does not really resonate with Made in France promoted by the GIE but is part of a recovery strategy after several hard blows in recent years.
The acceleration given by confinements to online payment has strengthened the positions of its competitors Visa and Mastercard. Some of the members of the GIE market non-co-badged payment cards, which only offer the Visa payment system: this is the case for example of BPCE but also of Socit Générale via its online banking subsidiary BoursoBank, formerly Boursorama.
CB, born in 1984, finally sees competition from a new payment system, developed without it by some of its members: this is the Wero dematerialized wallet, produced by the European Payments Initiative (EPI), which will facilitate account transfers account.
Do I pay you in wero? The name of the future European Paylib is known
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