JPMorgan Chase Enters A Hot Fintech Space: Point-Of-Sale (POS) Financing

Banks and credit unions have largely left point-of-sale financing space as fintech startups like Affirm capture share. No more. JPM is getting into the space, but in a slightly different way than others. Instead of going about integrating with POS players and cutting deals in order to acquire new customers, Chase is letting existing customer "select from past purchases of more than $500 and finance them over a longer period with monthly fees, rather than interest-based repayments. The bank is also upping its game in the consumer lending space via 'My Chase Loan', which will enable card customers to borrow against credit lines to fund larger value items." About time. Banks have the customer, banks have the data and banks have the funds literally sitting in the account. Why not give customers more flexibility?


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