PARIS, March 5 (Reuters) – JPMorgan Chase & Co (JPM.N), opens new tab said on Tuesday it had joined France’s leading payments network Cartes Bancaires (CB), becoming the first U.S. bank to do so as it seeks to offer cheaper card payment costs to its clients in the country.
JPMorgan’s merchant customers, which include some of the largest U.S. firms, will be able to process their payment via the CB’s network by the end of 2024, JPMorgan added, offering a domestic alternative to rival services provided by Visa (V.N), opens new tab and Mastercard (MA.N), opens new tab.
By doing so, the U.S. bank aims to “provide competitive transaction costs” to its clients, it said, without elaborating.
For international transactions where the CB network isn’t accepted, the CB-branded cards can fall back on the Visa or Mastercard networks. In such cases, the payment processing would follow the rules and networks of Visa or Mastercard.
For payments made locally in France, it’s usually cheaper for merchants run them over Cartes Bancaires.
