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Chase Card Services

Welcome to the News View for "Chase Card Services".

Here, on these archive pages, you'll find all of the articles on Payments News for Chase Card Services listed in date sequence beginning with the most recent article at the top of the page.

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May 28, 2013

Chase Names Mike Passilla CEO of Merchant Services

Chase logo 140pxJPMorgan Chase has announced that Mike Passilla has been named chief executive officer of Merchant Services, a newly created role that will oversee Chase’s growing payments and merchant services business including Chase Paymentech, Chase’s merchant offers business, as well as Chase Merchant Services, Chase’s recently-announced merchant payments initiative. Passilla joins Chase from Elavon where he most recently served as president and CEO.

Merchants represent an important client base for Chase, and we want to bring together our full suite of leading services for merchants under one organization,” said Gordon Smith, CEO of Chase Consumer & Community Banking.

"Chase has been at the forefront of innovation in the payments industry, and I’m confident Mike’s vision and experience will help us continue to be a leader in this important area.”

Additionally, Dan Charron was named president of Chase Paymentech and will report to Passilla.

Earlier this year, JPMorgan Chase announced the creation of Chase Merchant Services, a new payments proposition that will allow Chase to bring advantageous solutions for merchants and differentiated experiences to cardholders. Ray Fischer, president of Chase Merchant Services, also will report to Passilla.

May 22, 2013

Chase Eliminates Foreign Transaction Fees on United MileagePlus Explorer Cards

Chase logo 140pxChase Card Services has announced that "effective June 1, all purchases made with the United MileagePlus® Explorer Card outside of the U.S. will no longer be subject to foreign transaction fees."

United MileagePlus Explorer cardmembers travel to a variety of destinations around the world,” said David Gold, general manager, Chase Card Services. “The MileagePlus Explorer Card offers a host of benefits designed to make traveling the globe much more enjoyable. With the enhancement of no foreign transaction fees, we can now provide cardmembers tangible savings when traveling outside the U.S.”
Chase says that one of its cardmembers spending $3,000 while traveling outside of the U.S. would save $90 as a result of this change.

May 09, 2013

Headline News - May 9, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

May 07, 2013

Headline News - May 7, 2013

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May 06, 2013

Headline News - May 6, 2013

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April 23, 2013

Headline News - April 23, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

April 22, 2013

Headline News - April 22, 2013

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April 19, 2013

Headline News - April 19, 2013

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March 05, 2013

February 26, 2013

Visa, JPMorgan Chase to Form 'Chase Merchant Services'

Visa logo 60pxhVisa and JPMorgan Chase have announced that the companies have agreed to a letter of intent for a new and expanded 10-year renewable partnership agreement to better serve both Chase cardholders and merchants.

“We are pleased to extend our long-term partnership with Visa,” said Gordon Smith, CEO of Consumer & Community Banking, JPMorgan Chase. “Chase Merchant Services enables us to build direct relationships with merchants and give enhanced benefits, such as targeted offers and discounts to Chase Visa cardholders.”

Chase Merchant Services combines the capabilities of JPMorgan Chase’s acquiring business, support functions and extensive card portfolio with a customized processing solution that Visa and JPMorgan Chase will create using Visa’s network, VisaNet.

January 16, 2013

JPMorgan Chase - Card Services 4Q2012 Financial Results

Chase logo 140pxJPMorgan Chase has reported financial results for the fourth quarter 2012. Highlights for Card Services include:

  • Net income was $840 million, a decrease of $211 million, or 20%, compared with the prior year. The decrease was driven by higher provision for credit losses and higher noninterest expense.

  • Net revenue was $4.8 billion, flat compared with the prior year. Net interest income was $3.5 billion, down $45 million, or 1%, from the prior year.

  • Credit Card sales volume (excluding commercial cards) was $101.6 billion, up 9% compared with the prior year and 5% compared with the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since the first quarter of 2008.

Merchant processing volume was $178.6 billion, up 17% from the prior year and 9% from the prior quarter; total transactions processed were 8.2 billion, up 21% from the prior year and 11% from the prior quarter.

December 21, 2012

Chase to Acquire Merchant Offer Provider

Chase logo 140pxChase and Bloomspot have announced that they have signed an agreement and plan of merger whereby Chase will acquire Bloomspot, a provider of targeted merchant offers.

“Chase has millions of strong relationships with consumers and merchants, and we are committed to building value in those relationships,” said Jeff Kinder, president of Chase Offers. “Merchant partners are continually looking for ways to engage the right customers, and consumers have shown a clear interest in receiving offers from their favorite merchants. We believe Chase has a unique set of assets to bring these customers together and deliver highly targeted, relevant merchant offers at scale.”

November 26, 2012

November 14, 2012

October 22, 2012

Isis Launches in Austin and Salt Lake City

Isis logo 140x60px Isis has announced the availability of the Isis Mobile Wallet in Austin and Salt Lake City. Consumers can visit their AT&T, T-Mobile or Verizon retail location and select from nine Isis Ready handsets, with an expected 11 additional handsets coming to market by year end.

“The launch of the Isis Mobile Wallet in Austin and Salt Lake City represents a milestone for both Isis and the mobile commerce industry,” said Ryan Hughes, chief marketing officer, Isis. “With as many as 20 Isis Ready handsets headed to market by year end, we are experiencing an unprecedented level of support for NFC and consumer choice.”

American Express, Capital One, and Chase are the card issuing partners.

October 15, 2012

JPMorgan Chase - Card Services 3Q2012 Financial Results

Chase logo 140pxJPMorgan Chase has reported financial results for the third quarter 2012. Highlights for Card Services include:

  • Net income was $954 million, an increase of $105 million, or 12%, compared with the prior year. The increase was driven by lower noninterest expense and lower provision for credit losses, partially offset by lower net revenue.

  • Net revenue was $4.7 billion, a decrease of $52 million, or 1%, from the prior year. Net interest income was $3.4 billion, down $78 million, or 2%, from the prior year.

  • Credit Card sales volume (excluding commercial cards) was $96.6 billion, up 11% compared with the prior year and 1% compared with the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since the first quarter of 2008

Merchant processing volume was $163.6 billion, up 18% from the prior year and 2% from the prior quarter; total transactions processed were 7.4 billion, up 21% from the prior year and 4% from the prior quarter.

September 24, 2012

August 13, 2012

July 25, 2012

July 17, 2012

JPMorgan Chase - Card Services 2Q2012 Financial Results

Chase logo 140px JPMorgan Chase has reported financial results for the second quarter 2012. Highlights for Card Services include:

  • Net income of $1.0 billion, a decrease of $80 million, or 7%, compared with the prior year. The decrease was driven by a lower reduction in the allowance for loan losses compared with the prior year.

  • Card Services net revenue as a percentage of average loans was 11.91%, compared with 12.60% in the prior year and 12.22% in the prior quarter.

  • Credit Card sales volume (excluding commercial cards) was $96.0 billion, up 12% compared with the prior year and 10% compared with the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since 1Q082.

Merchant processing volume was $160.2 billion, up 17% from the prior year and 5% from the prior quarter; total transactions processed were 7.1 billion, up 20% from the prior year and 4% from the prior quarter.

July 10, 2012

June 20, 2012

May 08, 2012

April 16, 2012

JPMorgan Chase - Card Services 1Q2012 Financial Results

Chase logo 140pxJPMorgan Chase has reported financial results for the first quarter 2012. Highlights include:

  • Net income was $1.2 billion, a decrease of $351 million, or 23%, compared with the prior year. The decrease reflected a higher provision for credit losses, driven by a lower reduction in the allowance for loan losses compared with the prior year.

  • Card Services net revenue as a percentage of average loans was 12.22%, compared with 12.18% in the prior year and 12.26% in the prior quarter.

  • Credit Card sales volume (excluding commercial cards) was $86.9 billion, up 12% compared with the prior year and down 7% compared with the prior quarter; excluding the impact of the Kohl’s portfolio sale, sales volume was up 15% compared with the prior year.

Merchant processing volume was $152.8 billion, up 22% from the prior year and flat compared with the prior quarter; total transactions processed were 6.8 billion, up 21% from the prior year and flat compared with the prior quarter.

March 27, 2012

March 01, 2012

February 28, 2012

JP Morgan Chase 2012 Investor Day Presentations

JPMorganChase logo 140pxJP Morgan Chase held its 2012 Investor Day in New York City today with presentations given by Jamie Dimon, Chairman and Chief Executive Officer, and members of executive management. Copies of the presentations are available online, including one on Chase's credit card business (PDF) given by Gordon Smith.

February 27, 2012

Chase, Capital One and Barclaycard to use Isis Mobile Wallet

Isis logo 140x60pxIsis has announced that Chase, Capital One and Barclaycard have entered into agreements to enable their credit, debit and prepaid cards to be placed into the Isis Mobile Wallet.

“Today’s announcement is testament to the vision and commitment of Chase, Capital One and Barclaycard to make mobile commerce a real and positive experience for their customers,” said Michael Abbott, CEO, Isis. “Mobile commerce is more than a new way to pay; it’s about extending the relationships consumers enjoy with their banks and merchants into a powerful and convenient new form factor.”
Isis is the mobile commerce joint venture created by AT&T Mobility, T-Mobile USA and Verizon Wireless.

February 23, 2012

Chase Invests in Mobile Payments Provider GoPago

Chase logo 140pxChase has announced that it has invested in GoPago, a provider of a mobile payments service that allows consumers to remotely browse, order, and pay for local goods and services.

“Chase is committed to giving consumers and businesses a great shopping experience, leveraging the latest advances in mobile payment technologies,” said Jack Stephenson, director of mobile, e-commerce and payments at Chase. “GoPago will allow us to create powerful new value propositions for businesses and consumers.”

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