JPMorgan seeks to accelerate push into payment services in India

JP Morgan

JPMorgan Chase & Co. is accelerating its push into India’s payments sector as the Wall Street bank aims to leverage the country’s growing interconnectedness with foreign companies.

That part of the business helps clients process and move money globally. It’s expected to grow as multinationals bolster Indian global capability centers and domestic companies push into overseas markets, said Guhaprasath Rajagopal, head of payments for India at JPMorgan.

“With our global network and full range of treasury services and trade solutions, we help Indian businesses seize global opportunities and navigate complex markets,” Rajagopal said, speaking on the sidelines of the Global Fintech Festival in Mumbai on Thursday.

Wall Street banks are set to rely more on their global capability centers following President Donald Trump’s shock move to impose steep fees on new applications to the H-1B visa program. The market for global capability centers in India is projected to double to $100 billion by 2030, driven by a deep talent pool, cost advantages, and strong digital infrastructure, according to Nasscom, a trade association.

JPMorgan, the largest US bank by assets, operates technology and operations hubs in Mumbai, Bengaluru, and Hyderabad, employing thousands of people. The bank has previously invested in strengthening its digital payments and transaction banking capabilities, part of a broader global push under Chief Executive Jamie Dimon to modernize the bank’s infrastructure.

JPMorgan is also looking to deepen partnerships with Indian fintech companies focused on cross-border flows, Rajagopal said.