JPMorgan UK Digital Bank launches first credit card

JP Morgan's digital-only bank Chase UK has reportedly launched its first credit card.

The move comes after the banking giant's UK venture received more than $20 billion in deposits in three years, the Financial Times (FT) reported on Tuesday (November 19).

The card will be rolled out to 25,000 UK customers following a pilot with Chase employees, the report said. Three years after its founding, Chase UK now has more than 2 million customers.

According to the report, this is less than basic digital banks such as Monzo and Revolut, which each have about 10 million customers. Still, Chase has a larger deposit base because its savings products have attracted weather-beating customers. It also used the Nutmeg platform, which the bank purchased three years ago, to provide investment tools.

The card launch comes two months after reports emerged that the bank was testing a credit card service on its UK mobile app.

As the FT points out, this is happening because JP Morgan is expanding its retail banking network overseas while rivals such as Citi are scaling back.

The lender has reportedly hired bankers from cities such as Copenhagen and Stockholm to expand its operations in the Scandinavian country. And last month, CEO Jamie Dimon announced plans to expand business to African countries such as Kenya and Nigeria.

The goal, according to the FT report, is to create a digital-only retail bank that can compete with JP Morgan and its $4 trillion-plus in assets outside the United States.

A study in the PYMNTS Intelligence report How the World Does Digital found that approximately 47% of consumers across 11 countries engage in mobile banking at least weekly.

At the same time, JP Morgan has been expanding its brick-and-mortar banking network in the U.S. and recently announced plans to open 100 branches in low-income areas. And earlier this year the bank said it would open 500 new branches and renovate 1,700 more. (Rival Bank of America is pursuing similar expansion efforts.)

PYMNTS explored the rationale behind these expansion plans earlier this year, and while the bank acknowledged that local offices can't replace the convenience of digital banking, both physical locations provide a place consumers can go when discussing or looking for loans. It was pointed out that it provides . Financial advice.

Read More: Banking, brick-and-mortar banking, Chase UK, credit cards, digital banking, JP Morgan Chase, jpmorgan, mobile banking, news, PYMNTS News, Latest Stories

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