JPMorgan Chase and Walmart are partnering to accelerate payments for merchants selling on Walmart's website. This collaboration enables merchants on Walmart's marketplace to efficiently accept and manage payments through JPMorgan's systems, as noted by Lia Cao, head of embedded finance and solutions at the largest bank in the U.S.
Walmart's marketplace features over 700 million items from 100,000 sellers, encompassing categories such as beauty products, clothing, home furnishings, and electronics. Marketplace sales surged by 40% in the fourth quarter.
Businesses are increasingly adopting embedded finance software to provide financial services directly to customers and other enterprises. A McKinsey report indicates that more than $2 trillion in transaction volume will shift to marketplace platforms, moving away from traditional retailers and resellers.
JPMorgan views this partnership as a significant growth opportunity. It currently has over 20 clients in embedded finance partnerships and anticipates that number will double within the next year. Although the service is initially available only for U.S. merchants, discussions are underway to expand it into Europe and other regions.