(CNN Business)Square and PayPal are disrupting the commercial banking industry. Now, the United States’ largest bank is fighting back.
On Wednesday, JPMorgan Chase ( released a card payment provider, QuickAccept, as part of a new checking account service called Business Complete Banking. With the new service, the bank is hoping to attract small-business owners, a spokesperson said. )
Vendors can take card payments through the Chase mobile app or QuickAccept’s contactless card reader, and the service will offer same-day deposits without any fee to those with Chase bank accounts (Square, for example, charges a 1.5% fee for instant transactions).
QuickAccept was developed by the team from WePay, which JPMorgan acquired in 2017.
The move comes as Square ( and )PayPal ( are )increasingly taking on roles once occupied by traditional commercial banks. PayPal, the digital payment platform, launched a Venmo credit card earlier this month. Both Square and PayPal have seen record stock surges in 2020 as the Covid-19 pandemic has accelerated the decline of cash payments.