Walmart has struck an embedded finance partnership with JPMorgan Chase to let thousands of merchants on the retail giant's marketplace platform accept and make payments.
Walmart sells more than 700 million items from 100,000 sellers on its marketplace platform, according to Reuters.
The deal with JPMorgan means that US merchants will be able to accept and make payments, and manage cash flow, using the bank's systems. Merchants in Europe and other regions could follow.
Lia Cao, head of embedded finance and solutions at JPMorgan, tells Reuters that the bank already has over 20 clients in embedded finance partnerships and expects that to double in the next year.