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J.P. Morgan Payments is set to become a principal member of France’s leading payments network, Cartes Bancaires CB, with the intention to offer European merchant clients access to the payments system by the end of 2024.
J.P. Morgan: principal member of Cartes Bancaires
J.P. Morgan will be the first and only US bank to be a principal member and the move supports its commitment to the European payments market.
Cartes Bancaires CB is the leading payment system in France with 15 billion transactions per year by card or mobile, it has 76 million cards in circulation equating to over €685 billion in processed payments in 2022.
CB’s in market aim is to provide customers with cheaper transaction costs, lower fraud rates and superior acceptance rates performance for French debit and credit card transactions, with over 65% of household purchases paid for with a CB card or via mobile phone.
Why this matters
“Membership of Cartes Bancaires CB facilitates our on-going commitment to both the French market and Europe more broadly,” says a J.P. Morgan press statement.
“By joining this network, J.P. Morgan Payments can more easily advocate for strategic direction in the market, offering Europe-domiciled clients the choice they expect from a global payments provider by supporting Cartes Bancaires transactions from H2 2024, providing attractive cost savings for merchants, and leading local processing for French issued cards.”
J.P. Morgan Payments recognizes the importance of France as a key region in our broader European payments success story, and are committed to facilitating the navigation of complex multicurrency environments, cross-corridor payment flows and fast macroeconomic changes.
“Our north star is to enable European merchant clients to offer their customers a varied choice of payment options to suit their needs. Membership of Cartes Bancaires CB will help us take this to a whole new level in Europe,” comments Ludovic Houiri, EMEA Co-Head, Payments Commerce and Solutions, J.P. Morgan.
“This is a testament to our unwavering commitment to the European and French payments markets. Our EMEA franchise has gone from strength to strength in recent years, and this is a major milestone in our growth journey and wider ambition to become Europe’s leading payments provider.”
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