JP Morgan has been granted approval to become a principal member of France’s leading payments network, Cartes Bancaires CB. It aims to offer merchant clients access to the French payment network by the end of 2024. The aim is to provide competitive transaction costs and leading local processing performance for French debit and credit card transactions.

Cartes Bancaires CB is the leading payment system in France by market share. It runs 15 billion CB transactions per year by card or via mobile phone.

Widening choice for merchant clients

Ludovic Houri, co-Head of EMEA Payments & Commerce Solutions, JP Morgan said: “Our north star is to enable our merchant clients to offer their customers a varied choice of payment options to suit their needs. Membership of Cartes Bancaires CB will help us take this to a whole new level in Europe and France in particular.

“It is also a huge honour to become a principal member of Cartes Bancaires CB. We are excited to participate in the strategic direction of the scheme by supporting its continued expansion and development, helping maintain its long history of providing secure and efficient payments to its users.”

Shahrokh Moinian, Head of EMEA Payments, JP Morgan added: “This is a testament to our unwavering commitment to the European and French payments markets. Our EMEA franchise has gone from strength to strength in recent years. This is a major milestone in our growth journey and wider ambition to become Europe’s leading payments provider. The European payments landscape is rapidly evolving. Our principal membership positions us perfectly to provide future innovations and efficiencies to our clients.”

JP Morgan Payments: processing nearly $10trn in payments daily

JP Morgan’s EMEA Payments business now processes over $1trn of payments daily. It supports merchant acquiring to over 1,500 active European clients. Globally, JP Morgan Payments processes nearly $10trn in payments daily, operating in over 160 countries and over 120 currencies.

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Philippe Laulanie, CEO of Cartes Bancaires CB, said: “We are proud that JP Morgan has chosen to join CB, the leading domestic card and mobile payment network in France. CB and J.P. Morgan share the same values, those that have made our both respective organisations successful. The values of economic efficiency, innovation, inclusion and security.”