7/28, 1:56 PM (Source: TeleTrader)
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JPM partners Marqeta on issuing digital credit cards

JPMorgan Chase partnered with American card issuing and payment start-up Marqeta in order to come out with new digital-only credit cards.

JPMorgan's head of commercial cards John Skinner told CNBC that this is just one of the ways the bank wants to accelerate their card business by "getting virtual company cards into the hands of those who need them very quickly." According to Skinner, new cards should be available in early 2021, but only for commercial cards.

Marqeta chief revenue officer Omri Dahan traditional financial institutions would need more time to build a similar product by themselves adding his company is giving them "access to that, without a massive lift on their part."

Breaking the News / TF