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Chana Schoenberger (00:11):
Hi, I'm Chana Schoenberger. I'm the editor-in-chief of American Banker and I'm here at Payments Forum 2026 in San Francisco where all week we've been talking to payments leaders about what's going on in the payment space. I have with me here Umar Farooq, who is the global co-head of JP Morgan Payments. Welcome.
Umar Farooq (00:27):
Thank you very much for having me.
Chana Schoenberger (00:29):
So tell me if I've got these numbers right. Your division has 18 billion in revenue and you process $10 trillion in transactions every day and you're the world's largest merchant acquirer. Is that right?
Umar Farooq (00:40):
The numbers are slightly dated, so they're a bit higher than that now. Bigger than that. So bigger than that, I mean, we are now processing about 12 trillion a day with peaks going around 15 to 16 trillion.
Chana Schoenberger (00:51):
So that's a lot. Okay. And Chase famously has one out of every two American households. What is your next phase of growth for payments?
Umar Farooq (01:01):
So when we think about it, obviously our payments business is on the institutional side. And from our point of view, I think we are just getting started, to be honest. So we are a global business. Obviously our colleagues in Chase are more U.S. centric from a retail point of view. But when you look at the global business, we are currently in 40 some countries. We have a market share somewhere in sort of, we believe we're the biggest player in the payment space, but even then it's a very fragmented market. It's a rapidly digitizing market. There's a lot of new rails coming up. There's companies growing up, whether it's AI or otherwise. So we are seeing nothing but tailwinds for the business for a while to come.
Chana Schoenberger (01:42):
That's a super optimistic forecast. Okay.