How JPMorgan’s plan to kill credit cards split the bank

[SouthJamaica]

 

Update: Sorry, after I'd read this article they paywalled it.

How JPMorgan’s plan to kill credit cards split the bank

https://www.ft.com/content/f6d8d454-2413-4f2b-945d-825d0a68730b

[Gunnerboy]

Paywall

[SouthJamaica]

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@Gunnerboy wrote:

Paywall

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Boy that's annoying. When I read the article it wasn't paywalled. I'm not a subscriber or anything.

[rgd51]

I bet they will see way less people apply for their cards now that this came out. I bank with them as well as have my mortgage with them and it makes me skeptical to apply to one of their cards now.

[Anonymous]

WOW!

Read the "Financial Times" ...

Aw struck at the implications! There are many changes being considered!

Bank to customer payments using "pay by bank" replacing/eliminating a middle processor sucking up 1.8% of the transaction. Chase noted that Europe does it for 0.3% which may mean reduced costs ... ? 

Also, the Federal Reserve replacing the archaic cluncky 1970s ACH system with a more instant state of the art "Fed Now" process. 

JP Morgan Chase does not want to follow the Fin Techs ... they want to lead. CEO told the executives to get with the program or get fired!

The article also highlighted what may be the demise of credit cards for payment and the use of alternatives! Unreal! 

[gdale6]

https://www.impactinvesting.ai/2022/09/23/how-jpmorgans-plan-to-kill-credit-cards-split-the-bank-fin...

Im not interested in what this appears to be (digital currency other than crypto). The push to track everything one does is not the hallmark of a free society.

[Anonymous]

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@gdale6 wrote:

https://www.impactinvesting.ai/2022/09/23/how-jpmorgans-plan-to-kill-credit-cards-split-the-bank-fin...

Im not interested in what this appears to be (digital currency other than crypto). The push to track everything one does is not the hallmark of a free society.

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Do understand!

Now you will find cameras on the corners of many streets in cities today, even the little outback communities (where I live) as well as tracking us constantly online.

Heck, Progressive Insurance and other companies offer a sensor type device to monitor your every driving skill/habit and adjust premiums accordingly as a reward (so leave the heavy gas foot at home and maintain pristine credit).

Going on, the latest being considered is that the NTSB wants all new vehicles equiped with Intoxalock Car Breathalyzer to check for alcohol on the drivers breath with no start if a failure.

Not sure there is a whole lot of free society left? For the younger folks weaned on the modern technology the lack of privacy may not be such a big deal?

[805orbust]

Disgusting. Just solidifies many of my thoughts on so many things these days.

[rgd51]

Will this impact anyone's decision to keep chase cards open and/or apply for new chase cards?

[James3]

I read the article before it was paywalled. I wasn't impressed with what I assumed is an attempt by JP Morgan to compete with fintechs by building something "faster and better" AKA "disrupting the industry." I've been thinking of getting a Chase credit card, but it's possible I rethink that decision.