Chase on course to maintain top spot in acquiring with yearly volume exceeding $2 trillion
JPMorgan Chase & Co., the leading U.S. banking company, looks set to maintain its dominant position as the country’s biggest merchant acquirer, boasting a colossal volume exceeding $2.5 trillion in transactions.
Announcements from Chase revealed that their Merchant Services unit had reached the impressive milestone of $2 trillion in volumes. Although the exact figures were not disclosed, a LinkedIn post by Max Neukirchen, J.P. Morgan Payments’ global co-head, celebrated the achievement. The growth trajectory exhibited in 2024 surpassed previous years, hitting the landmark 21 days earlier than in 2023 and 54 days sooner than in 2022.
In 2023, JPMorgan Chase’s merchant-processing volume stood at $2.41 trillion, representing an 11.6% surge from the $2.16 trillion recorded in 2022. This robust performance solidified Chase’s reputation as the primary leader among U.S. acquirers, according to industry experts at TSG in Omaha, Nebraska. The accelerated growth observed in 2024 indicates that the final tally could potentially top $2.7 trillion.
TSG’s survey for 2023 identified Fiserv Inc. as the second-largest acquirer, with a transaction volume of $1.8 trillion, excluding its CardConnect unit. Chase also disclosed that the collective sales volume from its extensive credit and debit card portfolios amounted to $1.81 trillion in the previous year, marking an 8% surge from 2023’s $1.68 trillion. Payment transactions spanning credit and debit cards, ATMs, automated clearinghouses, Zelle, and other forms experienced a similar growth rate, totaling 6.4 trillion transactions compared to 5.9 trillion in 2023.
