[JPMorgan Chase will accept XRP for credit card and mortgage payments]
JPMorgan Chase announced it will accept XRP for credit card and mortgage transactions, allowing customers to pay with XRP and earn cash back through the XRP Ledger System’s CryptoTradingFund (CTF) token. Customers are rewarded with CTF tokens when they pay with XRP at participating merchants, which can be used to purchase products or exchanged for fiat currency. Due to the limited supply of CTF tokens and high demand, it is expected that its value could surge from $0.72 to $498.
The initiative, driven by Canadian blockchain payments processor FCF Pay, enables Chase Bank customers to use cryptocurrencies for credit card, loan and mortgage payments. Supported cryptocurrencies include BTC, ETH, SHIB, XRP, DOGE, BNB, USDT, and USDC.
JPMorgan Chase has always supported blockchain technology and launched blockchain-based euro payments in June 2023. According to FCF Pay, more than 20,000 U.S. businesses already accept cryptocurrencies. Chase Bank is the second major financial institution to recently support cryptocurrency for credit card purchases. U.S. consumers are increasingly using cryptocurrencies for transactions at retailers, including gas stations, grocery stores and online marketplaces. FCF Pay’s trading system supports traditional cryptocurrency wallets and payments directly from centralized exchanges.
JPMorgan Chase’s acceptance of XRP payments marks an important milestone in integrating the cryptocurrency into traditional banking services. Chase Bank is embracing the future of digital finance by allowing customers to earn cash back in CTF tokens, facilitating payments using multiple cryptocurrencies, and providing customers with more flexible and innovative payment options.
