Tech Firms Offer Virtual Bank Accounts via Chase eWallet

JPMorgan Chase developed an eWallet product for tech companies like Airbnb, Lyft and Amazon designed to help them provide customers with virtual bank account. Tech companies benefit by avoiding payment processing fees to third-party vendors whenever customers use their virtual accounts for payments. JPMorgan’s wholesale payments sector was responsible for 10 percent of the company’s $109 billion in 2018 revenue . . .

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