JPMorgan Chase has just announced its intention to better integrate its service into the digital commerce world, and it is creating an easily accessible e-wallet to make this happen.
The e-wallet will be attractive to those involved in the gig economy and e-commerce since payment processing fees will be negligible. The payments sector made up around a tenth of the company’s $109B in revenue last year.
According to JPMorgan Chase, the bank is targetting the ’10 biggest e-commerce and gig economy players.’ According to Takis Georgakopoulos, wholesale payments chief at the bank, “We’re talking to all of them. We want the whole industry to use it.”
As you already probably know, JPMorgan Chase released its first cryptocurrency, JPM Coin, earlier this year. As BeInCrypto reported in February, JPM Coin is the first cryptocurrency ever issued by a major bank and will be a stablecoin—each JPM Coin is
So, it’s possible that JPMorgan’s new e-wallet could be just the first step towards payment channels intended for every day, retail users—if so, we can definitely expect cryptocurrencies and JPM Coin to be a piece of the puzzle going forward.