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New data from JPMorgan Chase & Co. signals the leading U.S. banking company is on track to retain its title as the nation’s largest merchant acquirer, with volume well in excess of $2.5 trillion flowing through its pipes.
A note from a J.P. Morgan Payments spokesperson to Digital Transactions News summarizing the company’s fourth-quarter and full-year 2024 payments results says the Merchant Services unit “hit $2 trillion in volumes.” The note did not provide a specific number, however, nor did documents Chase released last week with its fourth-quarter earnings report. But the spokesperson referred to an Oct. 17 LinkedIn post from Max Neukirchen, global co-head of J.P. Morgan Payments, which said, “I am excited to share that our Merchant Services business surpassed the $2 trillion sales mark this week. We reached the milestone 21 days earlier than in 2023 and 54 days ahead of 2022.”
JPMorgan Chase’s annual report for 2023 says merchant-processing volume in that year totaled $2.41 trillion, an 11.6% increase from 2022’s $2.16 trillion. That volume once again made Chase the solid acquiring leader among U.S. acquirers, according to Omaha, Neb.-based TSG, a consulting and acquiring-industry research firm. The accelerated growth in 2024 implies the final total could hit or exceed $2.7 trillion.
The No. 2 acquirer in TSG’s survey for 2023 was Fiserv Inc., with $1.8 trillion in volume exclusive of its CardConnect unit.
Chase also reported that combined sales volume on its massive credit and debit card portfolios hit $1.81 trillion last year, an 8% increase from 2023’s $1.68 trillion. Payment transactions—credit and debit card, ATM, automated clearing house, Zelle, and other payment forms—grew at a similar rate, totaling 6.4 trillion versus 5.9 trillion in 2023.
