JPMorgan Chase says it will continue to issue credit, debit and commercial cards through both Visa and MasterCard, ending speculation that the bank would choose one payments system over the other following its merger with Bank One last year.
JPMorgan was expected to choose to use just one assocation for its payments cards in a bid to reduce costs but has opted instead to continue using both card brands.
William Campbell, chairman of Chase Card Services division, says: "While realising the company's economies of scale, this decision gives our customers and partners the flexibility to choose the products they prefer from the two most popular payment brands."
JPMorgan Chase says it will also retain its positions on the Visa board, consistent with association rules that prohibit dual board representation.