The story
In 1985, MNet was set up a merchant acquirer by Mbank. In 1987 Mbank was acquired by Lomas Bank Corp. The company expanded by first acquiring JL McKay, a credit card software provider. The expansions continued with further acquisition of Litle and DMGT in 1995. The brand Paymentech was created in the year 1996 and the Initial public offering (IPO) was executed in the same year. Paymentech acquired Gensar, which later became Paymentech Network Services, Tampa, and Merchant Link in 1996.
In 1997, Chase Paymentech was created as a joint venture between Chase Merchant Services and First Data Corporation (FDC). That year, First USA was acquired by Bank One. In 2001, Paymentech completed the largest retail merchant conversion and launched its Orbital Gateway. Paymentech began its Canadian operations in 2002 through the acquisition of the merchant acquiring portfolios of Scotiabank and Citibank Canada.
Chase Paymentech opened its first European office in Dublin, Ireland in 2004. That year also saw the merger of Bank One and JPMorgan Chase. In 2008, FDC and JPMorgan announced that their Chase Paymentech joint venture was coming to an end, and Chase Paymentech became the merchant services subsidiary of JPMorgan Chase Bank. After the merger with Bank One in 2004, JPMorgan Chase and Paymentech were integrated into Chase Merchant Services.
Chase Mobile Checkout product was launched in May 2013 and allowed businesses to accept credit and debit cards via smartphone with their mobile app and card reader.
In 2022, the company officially rebranded from Chase Paymentech to Chase Payment Solutions to reflect its expanded range of payment offerings.
From Wikipedia’s article on Chase Payment Solutions, shared under CC BY-SA 4.0.3