J.P. Morgan Merchant Services has commenced US credit card payments processing on Alibaba.com, the B2B business unit of Alibaba Group.
Working with ANT Group’s Chinese digital life services platform Alipay, J.P. Morgan Merchant Services will process payments made by the credit cards on Alibaba.com.
Due to growth in e-commerce, small and micro businesses require a quick, easy and safe way to seamlessly accept payments made by customers through different payment modes.
Alipay, equipped with the payments processing capabilities from J.P. Morgan, will now be able to offer improved card payment services in the US for Alibaba.com Trade Assurance.
J.P. Morgan Global Head of Wholesale Payments Takis Georgakopoulos said: “J.P. Morgan is proud to be the only global bank that can manage the payments lifecycle for marketplaces – from when a customer makes a purchase, to accepting and storing that value, to ensuring that the funds reach the seller’s bank accounts.
“We are thrilled to begin processing payments for Alibaba.com as they continue to expand in the U.S., providing ease of doing business across buyers and sellers.”
Ant Group SVP Douglas Feagin said: “We’re delighted to be partnering with J.P. Morgan on digital payments to help empower small and medium sized businesses in the U.S. to pivot to digital and go global.
“We are always looking for strategic relationships with international partners to not only help merchants to better connect with suppliers around the world, but also to enable all parties to use their preferred method of payment.”
Alibaba.com president for North America and Europe John Caplan said: “We welcome J.P. Morgan as a new partner in our ecosystem and ally in our mission to make it easier for US small businesses to do business anywhere.
“These payment facilitation services will help Alibaba.com’s US small business customers further digitise their businesses with ease and peace of mind in order to take full and long-term advantage of the multi-trillion dollar global B2B e-commerce opportunity.
“With Super September – our annual month-long sales period – in full swing, there has never been a better time for US businesses to look at how they can use Alibaba.com to worry less, do business more efficiently, and grow.”
J.P. Morgan Merchant Services is considered a leading payments processor in the US.
J.P. Morgan’s Wholesale Payments business brings together its treasury services, trade, card and merchant services capabilities to aid clients pay anyone, at any time, from anywhere in the world.
According to J.P. Morgan, it processes around 26 million transactions per day worth between $6-8 trillion.