JPMorgan Chase is testing a credit card product aimed at customers of its UK digital challenger bank, as reported by Bloomberg.
According to sources cited by Bloomberg, the bank’s senior executives have been experimenting with the credit cards within their mobile apps. As the world’s largest credit card issuer, JPMorgan Chase manages $216 billion in outstanding loans. Recently, the bank has also engaged in discussions with Apple regarding the possibility of taking over the tech giant’s credit card program from Goldman Sachs.
Since its launch in 2021, Chase UK has gathered approximately £20 billion in deposits, surpassing other digital challengers like Monzo and Starling. The venture has gained a strong customer base thanks to its user-friendly digital experience and commitment to high-quality customer service. It has received multiple accolades at the 2023 British Bank Awards, including recognition as the best British bank, current account, and savings account, and it is poised to achieve profitability next year.
The bank plans to start with basic credit card offerings, with more options expected to be introduced progressively in the future, according to Bloomberg.