JPMorgan Chase & Co has revealed that it will continue to issue credit, debit and commercial cards through both Visa USA Inc and MasterCard International Inc. JPMorgan Chase will also retain its positions on Visa USA's board.
The decision flies in the face of speculation that the major US financial organization would opt to work with only one of the payment card issuers in the future. Predictions of the change came in response to JPMorgan’s $58 billion merger with Bank One Corp last year, as industry commentators believed the number two ranked bank in the US would be looking to cut costs.
Commenting on the decision, William Campbell, chairman of Chase Card Services, the company’s credit card division, said: Visa and MasterCard have been great partners for many years, and both will continue to play key roles in helping our company grow and serve more customers.
Campbell continued: While realizing the company’s economies of scale, this decision gives our customers and partners the flexibility to choose the products they prefer from the two most popular payment brands.