Visa and Chase did renew their deal through 2029. I missed it earlier.
https://www.fool.com/earnings/call-t...ranscript.aspx
In the United States, we're pleased to announce that we have extended our long-standing partnership with JPMorgan Chase through the end of 2029. This long-term extension will enable us to work together to accelerate the growth of electronic payments, deliver enhanced payment experiences such as our recent collaborations to enable tap-to-pay in the New York City subway system. Additionally, we work together to support and innovate our world-class co-brand partners and to further expand into the commercial space with B2B solutions.
Briefly, this allows Chase to use the Visa network at a flat rate cost for its cardholders and merchant services. This means that Chase can keep all transactional revenue when its Chase cardholders use Chase Visa cards at merchants that use Chase for processing. This has led to Chase offering better pricing for merchant services than most other players. It also allows Chase to brand the transactions under something called ChaseNet (which for all purposes ran inside the Visa network).
I believe this Visa relationship also hastened the end of the Chase Pay QR ecosystem since Visa wisely removed the financial incentive for Chase to bypass its network. This threat was also indicated by interest in Chase having a "closed loop" system (when they are the card issuer and network). There are only two really viable networks in the US for that. One is AmEx (where many Chase card employees came from) and the other is Discover, which I believe is still desperate for a buyer. Store cards are also some sort of closed loop system except most/all merchants are not able to be an issue of their own card and have to use a financial banking partner.