JPMorgan has made an unspecified investment in Mumbai-based payment solutions provider In-Solutions Global (ISG).
ISG, founded in 2004, offers digital payments solutions such as banking solutions, e-governance, and payment gateways in collaboration with banks, non-bank financial institutions, acquirers, issuers, and card scheme networks. Its payments-as-a-service platform, which handles more than 17 billion transactions per year, makes payment collection easier for its clients.
The investment into ISG helps JPMorgan to unlock more opportunities in payments offerings across Asia Pacific (APAC), as it captures additional payment methods in the region.
The bank is the company’s first strategic investor. It is based in Mumbai.
ISG got approval from the Reserve Bank of India earlier this year to operate both as a payment aggregator and a prepaid payment instruments issuer. It has clients across North America, Central Europe, West Asia, and Africa, and Asia Pacific region including India.
JPMorgan made an announcement in October about its plans to expand its Merchant Services capabilities in APAC, where it hopes to provide the full range of payment services to corporations.
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