JP Morgan creates an electronic wallet

It is reported that J.P Morgan is working on an “electronic wallet.” In order to help companies better process payments and thus perform banking functions.

Strategy J.P. Morgan is helping companies like Airbnb, Lyft, and Amazon.com provide virtual bank accounts to their customers and “offer benefits such as car loans or discounts on renting money that houses them,” increasing customer loyalty. In addition, companies will pay less for processing payments that J.P. will make. Morgan Last year, the wholesale payment business already brought the company 10% of $ 109 billion.

According to Accenture’s report, “over the next five years, banks risk losing 15% of their income. Or about $ 280 billion, due to increased competition from large technology companies from PayPal to Apple. ”

Takis Georgakopoulos, who deals with wholesale payments at JPMorgan. Confident of entry into the payment space of a larger number