Michael Duffy, Jpmor­gan Chase Card Unit ex­ec­u­tive dies

The Pak Banker - - COMPANIES/BOSS -

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.

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