FreedomPay and JP Morgan launch partnership to expand offerings across UK & Europe

Karthik Subramanian

FreedomPay, a commerce platform that is used by many merchants across the globe, has announced that they are expanding their commerce offering across the UK, Switzerland, and other parts of Europe through a partnership with JP Morgan.

JPMorgan Chase

This partnership would help FreedomPay to provide card offerings and the consumers would also be able to opt for contactless payments which are likely to be a key area of growth in the coming years.

The pandemic and the subsequent lockdown had caused a lot of loss and hardship for merchants with consumers staying away from stores and preferring to get their bare necessities online. But with the pandemic slowly and steadily receding and with vaccines being available, consumers are returning to the stores.

“FreedomPay is excited to expand our relationship with J.P. Morgan to offer greater functionality to millions of shoppers across in-store payments,” said Tony Hammond, SVP of Global Product Delivery at FreedomPay. “Advances in technology and changes in consumer behavior since COVID-19 has led many merchants to rethink their approach to customer experiences and the world of commerce.”

FreedomPay provides a platform for merchants to unify their payments across several channels and also helps to collate all the user data in a single place. This can then be used for payment processing and reconciliation and increases convenience for the merchants.

The consumers would also be able to make touchless payments and build an ecosystem that would enable the entire process to be contactless but at the same time, ensure security and reliability so that the consumers can get peace of mind while making in-store purchases.

“Our work with FreedomPay will support us in offering an in-store payment option to build upon our established eCommerce processing capabilities,” said Basil Bailey, Head of Product for EMEA Merchant Services at J.P. Morgan. “Streamlining merchants’ operations will help save them costs, time and drive growth.”

The payments industry is expected to grow several times over the next few years as people opt for more online as well as contactless purchases. It is important for the industry to stay abreast as far as technology and partnerships are concerned. The security of the transactions would also become a key issue going forward as many consumers continue to be fazed by online transactions and are hence expected to be gullible.

The security and chargeback mechanisms need to be fool-proof for the consumers to gain confidence in contactless and digital payments and partnerships like these are likely to be the way forward.

 

Read this next

Retail FX

Spotware rolls out Manager’s API for cTrader brokers

Spotware Systems, a technology provider for the electronic trading industry, has released its new Manager’s API for Brokers, providing powerful tools for server-server integration.

Metaverse Gaming NFT

Dubai Museum taps Binance to jump onto NFT bandwagon

Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few weeks ago, is joining forces with Binance NFT to roll out a range of digital products on blockchain.

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets

Crypto.com enables Shopify merchants to accept crypto payments

Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

<