Chase, the consumer and commercial banking business of JPMorgan Chase, and Walmart have extended their agreement to process payments on the bank’s closed-loop network ChaseNet.
Under the agreement, Chase will process payments at more than 5,000 Walmart and Sam’s Club locations in the US and at Sam’s Club ecommerce. Sam’s Club is a subsidiary of Walmart.
ChaseNet offers fixed-rate pricing for Chase Visa credit and debit payments for the term of the contract. Chase already processes payments for Walmart’s ecommerce channel.
Walmart senior vice president and assistant treasurer Mike Cook said: “Engaging Chase with a direct processing relationship has been a priority for Walmart for some time.
“Walmart is always looking for innovative ways to improve the payment experience for our customers while also creating competition in the payments industry. We are excited to work with Chase to help our customers save time and money.”
Chase Commerce Solutions CEO Matt Kane said: “We are pleased to expand our relationship to offer consumers a convenient, secure payment experience.”