J.P. Morgan CEO Says Apple Pay Could 'cannibalize' Some Business

J.P. Morgan Chase & Co. CEO Jamie Dimon acknowledged on Tuesday that Apple Pay, the new payment system introduced by the tech giant, could "cannibalize" some of the bank's business, in response to a question. J.P. Morgan has formed a partnership with Apple to allow customers to use the new technology to make payments through the iPhone using the bank's credit cards. The CEO said he is not against cannibalization and disruption to the business, as long as its bettering their business and gaining share. "Our goal is to gain share," said Dimon. The bank wants to be a place that comes up with new ideas in order to get more customers to come to them and "if it reduces certain margins somewhere so be it," said Dimon.