JPMorgan Chase has stopped providing payments services for many long-standing clients of WePay, the payments processing business for small accounting and marketing businesses it acquired in 2017, suggesting a retreat in the bank’s efforts to compete with Stripe.
JPMorgan had bought WePay, a Silicon Valley–based firm, to try to bolster its existing payments business—mostly reliant on long-established giant companies such as UPS—with some of the younger online enterprises that use Stripe and other newer payments firms like Square. But the integration of WePay over the past six years proved troubled, and JPMorgan has lately cut costs at the unit, including through layoffs.
0 Commentaires