JP Morgan Merchant Services has begun processing US credit card payments for Alibaba's B2B business unit.
JP Morgan is working with Ant Group's Alipay to power payments made by US credit cards on the B2B Alibaba.com, where small firms can sell their goods.
Marketplaces accounted for almost half of all online purchases in 2020, with online sales hitting more than $4.2 trillion globally in 2020, according to Statista.
The rise of e-commerce means that small and micro businesses need a fast, easy and safe way to seamlessly accept payments from customers across different payment methods and channels, says JP Morgan.
Takis Georgakopoulos, global head, wholesale payments, JP Morgan, says: "We are thrilled to begin processing payments for Alibaba.com as they continue to expand in the US, providing ease of doing business across buyers and sellers."
Douglas Feagin, SVP, Ant Group, adds: "We’re delighted to be partnering with JP Morgan on digital payments to help empower small and medium sized businesses in the US to pivot to digital and go global."