Jack Stephenson has been named as the man to
lead the drive towards mobile and internet payments at US financial
services firm JPMorgan Chase.

Stephenson, who has been the senior vice
president of strategy, partnerships, analytics and new ventures at
PayPal, stepped into his new role as director of mobile, e-commerce
and payments at the beginning of the month.

“We will build on JPMorgan Chase’s tremendous
strengths across cards, merchant services, consumer and business
banking, and commercial payments,” said Stephenson. “Rapid changes
in mobile, internet, and information technology create
opportunities to leverage these assets in new and exciting ways for
customers.”

Stephenson has more than 25 years of
experience in financial services, payments and e-commerce and was
previously a director of McKinsey & Company, where he served
banks, processors, networks, telecom operators and technology
companies around the world.

“We know how important technology has become
in serving our customers well, and Jack has the experience,
expertise and vision to help us do even more for them,” said Jay
Mandelbaum, the firm’s head of Strategy and Development. “He will
focus primarily on developing new products and services for
consumers, merchants and small businesses.”

Chase serves 28 million consumers online and
nearly 3.3 million mobile banking customers, a number that grows by
more than 600,000 each month.