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JPMorgan Chase has announced it is planning on releasing an e-wallet for e-commerce and the ‘gig economy.’ Could this e-bank be a testing ground for future cryptocurrency-related experiments?
One of the largest Wall Street banks in the world will be releasing an ‘e-wallet’ soon.
JPMorgan Chase has just announced its intention to better integrate its service into the digital commerce world, and it is creating an easily accessible e-wallet to make this happen.
The e-wallet will be attractive to those involved in the gig economy and e-commerce since payment processing fees will be negligible. The payments sector made up around a tenth of the company’s $109B in revenue last year. JPMorgan Chase is betting that payment networks will continue to make up a greater portion of its revenue in the coming years.
According to JPMorgan Chase, the bank is targetting the ’10 biggest e-commerce and gig economy players.’ According to Takis Georgakopoulos, wholesale payments chief at the bank, “We’re talking to all of them. We want the whole industry to use it.”
As you already probably know, JPMorgan Chase released its first cryptocurrency, JPM Coin, earlier this year. As BeInCrypto reported in February, JPM Coin is the first cryptocurrency ever issued by a major bank and will be a stablecoin—each JPM Coin is worth a dollar.
As of now, JPM Morgan is mainly interested in leveraging the idea for international payments. However, the eventual plan is to also make it readily accessible to retail customers.
So, could this new e-wallet be evidence that the bank is finally breaking into the payments sector for everyday consumers? Given the bank’s newfound focus on the ‘gig’ economy, it seems likely but we can only speculate. Despite its CEO, Jamie Dimon, having a reputation for being relatively hostile to, his bank has nonetheless been at the forefront of implementing blockchain technology.
So, it’s possible that JPMorgan’s new e-wallet could be just the first step towards payment channels intended for every day, retail users—if so, we can definitely expect cryptocurrencies and JPM Coin to be a piece of the puzzle going forward.
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