JPMorgan Chase & Co. and Wells Fargo & Co., the nation’s two largest banks, recently reported their quarterly numbers. According to the released details, their growth has been tremendous.
Chase, which operates one of the nation’s largest merchant-processing centers, reported that its merchant volume grew 12% in the quarter ended June 30 to $330.8 billion. The first half of the year, volume was at $647.1 billion; this was up 14% from $568.7 billion in the first six months of 2017.
In addition, the bank’s Card, Merchant Services & Auto unit, booked $5.02 billion in revenue for the latest quarter. Compared to the same quarter last year, this is a 6% increase from $4.75 billion. Chase also reported a 12% increase in active customers using its mobile-banking app.
Wells Fargo & Co. also reported robust payments growth for the last quarter. According to the information released, point-of-sale transactions on its debit cards totaled 2.22 billion. Volume on the cards also increased to $87.5 billion, up 7% from the first quarter and 9% year-over-year. When it comes to digital business, Wells also reported positive details. Active online and mobile users have reached 28.9 million; this includes 22 million mobile users.
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