Wal-mart (WMT) Will Begin Processing Payments via ChaseNet (JPM)

September 22, 2016 9:05 AM EDT

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Chase (NYSE: JPM) announced that it has expanded its relationship with Walmart (NYSE: WMT) to process payments on ChaseNet, the bank's closed-loop network, at its 5,000+ Walmart and Sam’s Club locations in the U.S. and at Sam’s Club ecommerce.

ChaseNet offers businesses guaranteed, 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.

“Engaging Chase with a direct processing relationship has been a priority for Walmart for some time,” said Mike Cook, Sr. Vice President and Assistant Treasurer at Walmart. “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.”

“We are pleased to expand our relationship to offer consumers a convenient, secure payment experience,” said Matt Kane, CEO of Chase Commerce Solutions.

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