JPMorgan wants to disrupt landlord rent checks.
By The Exchange Team
JPMorgan Chase bets that landlords and tenants are ready to ditch paper checks for digital payments.
The bank is piloting a platform that automates the invoicing and receipt of online rent payments, says Sam Yen of JPMorgan.
While digital payments have steadily taken over more of the world's transactions, the monthly rent check still rules.
Because most of the nation's 12 million property owners have fewer than 100 units, the market is fragmented.
JPMorgan says 78% are paid with checks and money orders. The bank says 100M Americans pay $500B in rent annually.
“Most rent is still paid by check,” Yen said. "Residents say, The only reason they have a checkbook is to pay rent."
JPMorgan has spent the past few years developing Story, an all-in-one property management solution.