JPMorgan pilots new credit-card product in push to grow U.K. consumer base – report

JPMorgan Chase (NYSE:JPM) has initiated internal testing of a new credit-card product, signaling its intent to broaden its consumer offerings in the U.K. market, according to a Friday media report.

The credit cards have been in pilot mode within senior JPMorgan (JPM) executives’ mobile apps, Bloomberg reported, citing people familiar with the matter, adding the product has been under development for more than a year.

The U.S.’s largest lender started its U.K. retail bank in 2021, though the move received pushback from investors. The retail bank provides products and features for customers in the U.K. through a mobile app using the Chase brand.

The U.K. division has attracted some £20B ($26.4B) in deposits since inception, the article noted. That’s well above the £15B garnered a year earlier, though it falls short by comparison to the $1.07T that JPMorgan’s (JPM) U.S. consumer bank amassed.

The company plans to initially offer simpler credit cards in the U.K. relative to its U.S. offerings, the people told Bloomberg, with the intention of gradually introducing more options over time.

In the U.S., JPMorgan (JPM) is reportedly in discussions with Apple (AAPL) about assuming the iPhone maker’s credit-card program from Goldman Sachs (GS).