Chase Paymentech Solutions LLC, a joint venture of First Data Corp. and JPMorgan Chase & Co., agreed to let its merchant customers accept debit cards issued by Tempo Payments Inc. of San Mateo, Calif.
Processing Content
Tempo, which announced the agreement Tuesday, was known as Debitman Card Inc. until November. On behalf of merchants, it issues private-label debit cards that route transactions across the automated clearing house network, which is less expensive than debit networks.
More than 200,000 merchant locations accept Tempo cards, the issuer said. Merchants that offer the cards receive a share of the transaction fees their cards generate.
Chase Paymentech says it processes transactions for about 600,000 merchants at about a million locations worldwide.
