JPMorgan, Mastercard Plan to Bring ‘Pay-by-Bank’ to US Merchants

JPMorgan Chase & Co. will give merchants the ability to let their customers pay using their bank account information rather than a paper check, debit or credit cards.

The US bank partnered with Mastercard Inc. for the new offering, according to a memo seen by Bloomberg. The program will debut this year with a small number of US billers and merchants before expanding in 2023, Mastercard said in a statement.

“JPMorgan is building its pay-by-bank solution to allow consumers another great way to make payments to billers directly from their bank account -- and Mastercard’s open-banking capabilities will enable this,” ...