J.P. Morgan may not be the number one acquirer overall in Europe, but it is certainly number one in e-commerce acquisition. All this is according to a new report by Nilson.
Consumers don't shop like they used to. We have seen e-commerce change everything from the way customers look for goods all the way to how they pay for them. J.P. Morgan, according to ecommercenews.eu, knows this well. Catherine Morre, J.P. Morgan's president of merchant services in Europe said, "E-commerce has created a seismic shift in the way consumers shop and pay for their purchases and this trend is evidenced by our growth in Europe."
An E-commerce Pure-Player
The Nilson Report shows that J.P. Morgan processes almost 30% of all online transactions that occur in Europe. That goes for transactions from multinationals headquartered here in Europe and the US, but in addition, also from local European businesses with global ambitions. Catherine Morre added, "As a pure-play e-commerce acquirer in Europe, we help merchants optimize their overall cost of payments and maximize business profitability."
Dealing With PSD2 And SCA
E-commerce has high expectations, set to exceed €851 billion in spending by 2021. Online retailers don't only benefit from this kind of significant growth in Europe, they also need to deal with the Second Payment Services Directive (PSD2) and Strong Customer Authentication (SCA), two new legal occurrences coming into force on 14 September.
Moore went on to say that the real trick is to find the right balance between protecting the consumer and providing a seamless payments experience that helps retailers drive down the levels of fraud. She also stated that J.P. Morgan is ready for PSD2 and working together with industry stakeholders to help make the new directive a success for retailers and consumers alike.