Chase Paymentech Solutions LLC, a merchant acquirer, said Friday that it would offer a gift card for midsize and small businesses.
The Dallas joint venture of JPMorgan Chase & Co. and the First Data Corp. unit of Kohlberg Kravis Roberts & Co. said it would offer merchants customized cards; card-swipe terminals, which would work with high-speed Internet and dial-up connections; and online electronic statements.
It said the service would let small merchants take advantage of the benefits of gift cards just as national retail chains do.
Chase Paymentech said the International Council of Shopping Centers has said it expects that the gift card market will reach $80 billion this year and that spending on these cards would account for 10% to 15% of overall consumer spending.
