First we had Apple Pay, then Samsung and Android Pays, and now JP Morgan is pushing hard to have a Pay of its very own.
The financial institution partnered with MCX, the merchant-owned mobile commerce network which includes retailers such as Walmart, Target, Best Buy and Shell, to launch Chase Pay.
“Chase Pay solves a number of pain points for consumers and merchants. It will improve the customer experience and drive down the cost of payments,” said Gordon Smith, CEO of Consumer & Community Banking at JPMorgan Chase & Co at the Money 20/20 conference in Las Vegas.
Focussing on in-store, in-app and online purchases, Chase Pay will be available in mid-2016 to Chase’s customers across its 94 million credit, debit and pre-paid card accounts.
The premier partnership with MCX – and its merchants that collectively represent over 100,000 retail locations – will mean that Chase Pay will be progressively rolled out at these merchants who are accepting CurrentC starting in mid-2016. Chase customers will be able to use Chase Pay wherever CurrentC is accepted – either directly, or through the CurrentC app.
“Our partnership links Chase and its customer base with CurrentC’s extensive network of leading retailers, restaurants, grocery stores and fueling stations, which process over a trillion dollars in transactions annually at more than 100,000 U.S. locations. This is a significant milestone,” said Brian Mooney, CEO of MCX.
Mastercard partners with Apple on Apple Pay’s Spain launch and rolls out selfie payments in Latin America
The American tech giant has launched its mobile payment service, Apple Pay, in Spain, partnering with Mastercard, Carrefour and American Express.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.
ING has announced that it is scrapping Twyp, its peer-to-peer payments app, in the Netherlands following negative feedback from its customers.
Stripe, the biggest fintech company in the US, is about to consolidate its position at the top by almost doubling its valuation to $9.2 billion following Series D funding.