JPMorgan Provides Alibaba.com with Credit Card Payment Services

JPMorgan, a leading financial services provider, has announced that it will provide Alibaba.com with credit card payments processing services under its partnership with Alipay, a third-party mobile and online payment platform owned by Ant Group.

According to the official press release, JPMorgan Merchant Services now powers payments made by U.S. credit cards on Alibaba.com. With the payments processing capabilities from J.P. Morgan, Alipay can now provide improved card payment services in the U.S. for Alibaba.com Trade Assurance—the free payment and order protection service for all on-platform transactions. 

​“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,” said Takis Georgakopoulos, Global Head of Wholesale Payments, J.P. Morgan. “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.”

“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,” said Douglas Feagin, who leads Global Strategic Partnerships and Investments and is a SVP at Ant Group. “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.”

As Fazzaco reported earlier, JPMorgan has participated in Plaid's Series D funding​, and then the company led Aumni’s $50 Million Series B Funding.