JPMorgan Chase is ditching plastic for some of its credit cards.
The Wall Street giant’s commercial cards team is partnering with Bay Area start-up Marqeta to launch digital-only credit cards. The new function will allow JPMorgan corporate cards to work in mobile wallets such as Apple Pay or Samsung Pay immediately — without having to wait for a physical version in the mail.
“This is another way of getting virtual company cards into the hands of those who need them very quickly,” John Skinner, head of commercial cards at JPMorgan, told CNBC in a phone interview. “We know there’s a need for this product — what Covid has taught us is that there’s more use cases for this than we imagined.”
This type of immediate, “virtual” card has historically been used for gig-economy, or contract workers who may need to pay expenses but wouldn’t qualify for a corporate card. The digital version can also put certain spending parameters and per Diem totals, as well as restrictions on where an employee can spend.