JPMorgan Chase CEO Jamie Dimon is defending the bank’s controversial plans to charge fintech companies such as PayPal and Coinbase fees for access to customers’ account information.
In an earnings call for the second quarter of 2025, Dimon said that the fintech-fee decision was made to protect its customers when asked about the new policy.
“So, this is very important. So forget pricing for a second, we are in favor of the customer, but we think the customer has the right to if they want to share their information. What we ask people to do is, what do they – do they actually know what’s being shared? What is actually being shared? It shouldn’t be everything. It should be what their customer wants. It should have a time limit because some of these things went on for years. It should not be re-marketed or resold to third parties. And so, we’re kind of in favor of all that, done properly.
And then the payment, it just costs a lot of money to set up the APIs and stuff like that to run the system’s protection. So, we just think it should be done and done right. And that’s the main part. It’s not like you can’t do it.”
The fintech companies use the information to make it easier for their customers to send, receive and trade money. JPMorgan is reportedly poised to collect hundreds of millions of dollars in fees for the service.
Alex Rampell, general partner at Andreessen Horowitz and co-founder of the buy now, pay later business Affirm, is slamming JPMorgan’s move, warning it will make it more difficult to move money into crypto.
“This isn’t about a new revenue stream. It’s about strangling competition. And if they get away with this, every bank will follow…
If it suddenly costs $10 to move $100 into a Coinbase or Robinhood account – maybe fewer people will do it.”
Arjun Sethi, co-CEO of crypto platform Kraken, is criticizing JPMorgan for “asserting ownership over data that is generated by users but stored inside infrastructure the bank controls.”
“We should not be optimizing for defensibility through restriction. We should be leveraging our position and profitability to build better access, more open architecture and more composable systems. That means investing in protocols, not just platforms. It means participating in shared infrastructure, not just extracting value from it.”
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