JP Morgan to Buy 49% of Viva Wallet

J.P. Morgan will pay an undisclosed sum for a 49% interest in Viva Wallet, the European cloud-based payments platform that serves small and midsize businesses in 23 countries, said J.P. Morgan Tuesday. “The European payments landscape is fragmented yet large in terms of opportunity, with more than 17 million merchants ready to implement scalable payments solutions,” it said. J.P. Morgan recently rebranded its U.S. business for SMB payments as Chase Payment Solutions, “and the strategic investment in Viva Wallet will set the stage to develop future international products and services across European SMBs,” it said.