JPMorgan Reportedly Building Travel Agency

JPMorgan Chase is putting together its own full-service travel business, The Wall Street Journal wrote Saturday (July 30).

JPMorgan has been bought a booking system, a restaurant review company and a luxury travel agent. The bank, one of the flagship US financial institutions, has also built its own airport lounges and hired thousands of travel agents. And there will be a new website launched as well.

It’s all happening as the travel industry becomes ever more important for banks and credit card issuers.

The WSJ report said JPMorgan executives think the bank might be able to capture $15 billion in bookings in 2025, which would be five times what it handled before the recent purchases. That would make it the third-biggest travel agent in the country, based on 2021 volumes, per stats from Travel Weekly.

The report noted that this is still far smaller than the parent companies of the top two travel agents, Booking.com and Expedia — both of which manage more than $70 billion.

JPMorgan’s goal is to turn the travel customers into “lifelong Chase fans” who will spend more with the bank.

JPMorgan also already has a stake in travel, with its credit cards letting customers build up travel rewards and cashing them through the bank’s Ultimate Rewards booking site.

See also: JPMorgan Says US Consumer in ‘Great Shape’ but Macro Is Deteriorating

PYMNTS wrote that JPMorgan CEO Jamie Dimon said on a recent earnings call that US consumers are “in great shape” even if the economy does go into a recession.

“Even if we go in a recession, they’re entering that recession with less leverage in far better shape than they did in ’08 and ’09 and far better shape than they did even in 2020,” he said.

———————————

NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS

About: The findings in PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed the responses from 9,904 consumers in Australia, Germany, the UK and the US and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones.

Related Posts

Booking.com

Principally while you say travel agency you’ll be able to imagine somebody that may assist you in planning your trip or someone needs to be accountable with…

The Various Lodging Answer For Your Trip

In terms of the choice between utilizing an internet travel agency or not to your next trip, there are several elements to think about with several pros…

Bitcoin Articles, Information, Evaluation, And Market Insights

The journey of a lifetime can take a lifetime to plan unless you know the way to select a travel company. By now, this pattern should be…

4 Quitters Walk Into A Bar…

Years in the past you’ll stroll into a neighborhood journey company, inform them where you need to go and they would offer you a worth. four. You…

Defending Or Policing?

Planning a vacation is a difficult activity. And eventually, travel agents are helpful in helping in an emergency before or during your journey. By definition, an emergency…

Cruise Travel Agencies

Gone are the times, when one used to take a position days and months to design a perfect touring plan. Kevin and I had been in Charleston…