JPMorgan's JPM Coin payment system handles $1 billion in daily transactions

JPMorgan processes a substantial daily volume through its JPM Coin payment system, revealed Takis Georgakopoulos, the company's global head of payments.

"Today we move $1 billion every day through JPM Coin for a number of large companies," Georgakopoulos told Bloomberg Television earlier today. While this figure represents a small fraction of the $10 trillion in payments that JPMorgan handles daily through its traditional platforms, it is still noteworthy — and demonstrates that JPM Coin has gained significant traction in recent months.

In June, JPMorgan reportedly stated that JPM Coin has processed over $300 billion in transactions since its launch in 2020. At its current daily transaction pace of $1 billion, the bank is on track to achieve that amount within the coming year.

JPM Coin initially supported only U.S. dollars but expanded to include euros in June of this year.

JPM Coin's retail version?

JPM Coin's retail version is not available at present. It currently permits only the bank's wholesale or corporate clients to transact, but the plan is to expand the system to retail consumers. "The next step in [JPM Coin] journey is to think about how you can create a more retail version of that so that you can bring that same efficiency to consumers," Georgakopoulos said.

JPM Coin is a permissioned blockchain-based payment system allowing the bank's wholesale clients to transfer U.S. dollars and euros. JPM Coin operates 24/7 and facilitates faster transactions, enabling clients to initiate payments just before they are due and improving liquidity management.

While JPM Coin serves as an intra-bank value transfer system, the bank is also involved in a project for an inter-bank settlement and clearing system called Partior. Partior was founded in 2021 by JPMorgan, DBS, and Temasek Holdings to improve cross-border payments. Last year, Standard Chartered became a founding shareholder in Partior after investing an undisclosed amount.