Michael Duffy, Jpmorgan Chase Card Unit executive dies
Michael P. Duffy, who helped make JPMorgan Chase & Co. one of the largest U.S. processors of credit card and electronic payments as head of its Dallas-based Chase Paymentech unit, has died. He was 54.
He died March 7 at a hospital in Dallas after battling cancer and other illnesses, according to Paul Hartwick, a spokesman for the New York-based bank.
Duffy “was a brilliant leader, pioneer in the payment industry and fierce competitor,” Gordon Smith, chief executive officer of consumer and community banking at JPMorgan, said March 8 in a message to employees. “His passion and tenacity was exemplified in so many aspects of his life, from his battles against personal illness to how he led his team and established Paymentech as a global industry leader.”
With 25 years in the payments industry, Duffy was early in recognizing the potential growth for processing online transactions, according to a biography provided by JPMorgan. He established for the bank exclusive processing agreements with PayPal and BillMeLater, now owned by San Jose, Californiabased EBay Inc.