JPMorgan confirmed it may acquire approximately 49% of Viva Wallet. While the terms of the acquisition were not disclosed, the deal is speculated to be worth 700 million euros.
According to Greek media, the acquired shares are reported to be from the minority shareholders: Hedosophia 24%, The Latsis family 13% and Deca 10%. The Founder of Viva Wallet, Harris Karonis may retain the remaining shares. The capitalisation of Viva Wallet may be around 1.5 billion euros.
Takis Georgakopoulos, the Global Head of JPMorgan
Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term said on the acquisition, “The European payments landscape is fragmented yet large in terms of opportunity, with more than 17 million merchants ready to implement scalable payments solutions, and this is a big focus area for added growth for J.P. Morgan Payments in the future.”
With over 500,000 downloads in the Play Store, Viva Wallet is offering to turn smartphones into a Point of Sale (POS). Operating in 23 European countries, users can easily accept payments with their smartphones. ‘No cables, no dongles or special hardware needed’.
Established in 2020, Viva Wallet targets Small to Midsize Businesses (SMB). Some of the tools offered in the cloud-based platform are virtual debit cards, expense management and Merchant Cash Advance (MCA).
In December 2021, Viva Wallet acquired 33.5% of N7 mobile, the Polish company that provides ‘innovative solutions in software engineering’.
JPMorgan’s Recent Acquisitions and Onyx
JPMorgan is focusing on reshaping the way payments are transferred. Aside from Viva Wallet, JPMorgan is also acquiring 75% (approx.) of Volkswagen’s Financial Services payment platform.
This is in line with JPMorgan Chase, which is due to spend more than $12 billion on technology. For instance, JPMorgan already penetrated UK markets with Nutmeg, the UK’s largest digital wealth manager. Nutmeg was acquired in 2021 for an estimated deal of £500 to 700 million.
According to a recent US consumers’ survey, mobile payments are on the rise. Only 14% responded that they have not used a mobile payment app in the past year.
Additionally, JPMorgan is developing its system in the
blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term called ‘Onyx’. Onyx is reserved for financial institutions. Liink (part of Onyx) is used for money transfers as well as exchanging information in a secure manner.
Moreover, Onyx was tested by Bahrain central bank using JPMorgan coin (pegged to the US Dollar, 1:1). The test ended with great success. In addition, Siemens has partnered with JPMorgan. Also, Onyx is used to automatically transfer funds between the company’s accounts.
Furthermore, JPMorgan may attempt to bring Onyx into the retail market in the future. The latest round of acquisitions may assist the firm in doing so.
Stay tuned for more potential acquisitions by JPMorgan in 2022.
JPMorgan confirmed it may acquire approximately 49% of Viva Wallet. While the terms of the acquisition were not disclosed, the deal is speculated to be worth 700 million euros.
According to Greek media, the acquired shares are reported to be from the minority shareholders: Hedosophia 24%, The Latsis family 13% and Deca 10%. The Founder of Viva Wallet, Harris Karonis may retain the remaining shares. The capitalisation of Viva Wallet may be around 1.5 billion euros.
Takis Georgakopoulos, the Global Head of JPMorgan
Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term said on the acquisition, “The European payments landscape is fragmented yet large in terms of opportunity, with more than 17 million merchants ready to implement scalable payments solutions, and this is a big focus area for added growth for J.P. Morgan Payments in the future.”
With over 500,000 downloads in the Play Store, Viva Wallet is offering to turn smartphones into a Point of Sale (POS). Operating in 23 European countries, users can easily accept payments with their smartphones. ‘No cables, no dongles or special hardware needed’.
Established in 2020, Viva Wallet targets Small to Midsize Businesses (SMB). Some of the tools offered in the cloud-based platform are virtual debit cards, expense management and Merchant Cash Advance (MCA).
In December 2021, Viva Wallet acquired 33.5% of N7 mobile, the Polish company that provides ‘innovative solutions in software engineering’.
JPMorgan’s Recent Acquisitions and Onyx
JPMorgan is focusing on reshaping the way payments are transferred. Aside from Viva Wallet, JPMorgan is also acquiring 75% (approx.) of Volkswagen’s Financial Services payment platform.
This is in line with JPMorgan Chase, which is due to spend more than $12 billion on technology. For instance, JPMorgan already penetrated UK markets with Nutmeg, the UK’s largest digital wealth manager. Nutmeg was acquired in 2021 for an estimated deal of £500 to 700 million.
According to a recent US consumers’ survey, mobile payments are on the rise. Only 14% responded that they have not used a mobile payment app in the past year.
Additionally, JPMorgan is developing its system in the
blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term called ‘Onyx’. Onyx is reserved for financial institutions. Liink (part of Onyx) is used for money transfers as well as exchanging information in a secure manner.
Moreover, Onyx was tested by Bahrain central bank using JPMorgan coin (pegged to the US Dollar, 1:1). The test ended with great success. In addition, Siemens has partnered with JPMorgan. Also, Onyx is used to automatically transfer funds between the company’s accounts.
Furthermore, JPMorgan may attempt to bring Onyx into the retail market in the future. The latest round of acquisitions may assist the firm in doing so.
Stay tuned for more potential acquisitions by JPMorgan in 2022.
Source: https://www.financemagnates.com/institutional-forex/jpmorgan-eyes-viva-wallet-to-acquire-49-stake/