Visa Inc. and JPMorgan Chase Sign Letter of Intent for New and Expanded Partnership Agreement

  Visa Inc. and JPMorgan Chase Sign Letter of Intent for New and Expanded
  Partnership Agreement

Business Wire

FOSTER CITY, Calif. -- February 26, 2013

Visa Inc. (NYSE: V) and JPMorgan Chase & Co. (NYSE: JPM) announced that the
companies have agreed to a letter of intent for a new and expanded 10-year
renewable partnership agreement. The partnership is designed to accelerate the
growth of electronic payments, deliver added value to merchants and provide a
better experience for cardholders.

Under terms of the planned deal, JPMorgan Chase will launch Chase Merchant
Services, a payments platform powered by Visa that JPMorgan Chase will use to
create more differentiated experiences for its merchants and cardholders. The
platform will process transactions initiated with JPMorgan Chase-issued Visa
cards at merchants that JPMorgan Chase enrolls in Chase Merchant Services.

Chase Merchant Services combines the capabilities of JPMorgan Chase’s
acquiring business, support functions and extensive card portfolio with a
customized processing solution that Visa and JPMorgan Chase will create using
Visa’s network, VisaNet.

As part of the agreement, JPMorgan Chase also will shift additional credit and
debit card volume to Visa, driving more transactions on the Visa network.

“We look forward to expanding our partnership with JPMorgan Chase and further
driving the migration to electronic payments by offering superior and unique
value to merchants and cardholders,” said William Sheedy, Group President,
Americas, Visa Inc. “As technology drives the evolution of the payments
industry there are more opportunities to deliver value for merchants and
cardholders at the point-of-sale. Visa is focused on innovating to allow
clients of all sizes to differentiate based on their strategy, priorities and
customer needs. This effort with JPMorgan Chase is one example of Visa’s
increased flexibility and desire to partner with financial institution and
merchant clients to provide greater service to cardholders through tailored
and value-added solutions.”

“We are pleased to extend our long-term partnership with Visa,” said Gordon
Smith, CEO of Consumer & Community Banking, JPMorgan Chase.“Chase Merchant
Services enables us to build direct relationships with merchants and give
enhanced benefits, such as targeted offers and discounts to Chase Visa
cardholders.”

Chase Merchant Services is expected to be operational by the end of the year.

About Visa

Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200 countries
and territories to fast, secure and reliable electronic payments. We operate
one of the world’s most advanced processing networks—VisaNet—that is capable
of handling more than 24,000 transaction messages a second, with fraud
protection for consumers and assured payment for merchants. Visa is not a bank
and does not issue cards, extend credit or set rates and fees for
consumers.Visa’s innovations, however, enable its financial institution
customers to offer consumers more choices: pay now with debit, ahead of time
with prepaid or later with credit products. For more information, visit
corporate.visa.com.

Contact:

Press & Analysts Only:
Visa Inc.
Paul Cohen, 1-650-432-2990
globalmedia@visa.com
or
Will Valentine, 1-650-432-2990
globalmedia@visa.com
 
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