JPMorgan Chase has announced the acquisition of payments technology company MCX, the service behind merchant-backed mobile payments CurrentX.
MCX is a QR Code-based mobile wallet with a network of America’s largest retailers, including Walmart, Shell and Phillips 66. The acquisition will lead to an integration of these companies with Chase Pay over the next year.
The motivation of the acquisition by Chase is to expand Chase Pay, the mobile and digital wallet for Chase customers. Although Chase is one of the few major banks that partnered with Apple Pay when the service first launched in 2014, the bank is seeking to grow its reach across popular retailers in the U.S with MCX.
Chase and MCX are also no strangers to one another, with the companies involved in several partnerships over the years. MCX was the premier launch partner for Chase Pay in October 2015.
“When we think about ‘fintech’, we go through a ‘build/buy/partner’ evaluation to decide how we can get to market most efficiently,” says Jennifer Roberts, head of Chase Pay.
“MCX has been an important partner, and their technology complements ours, so we’re thrilled to deepen our relationships with the merchant community through the purchase of this technology.” Roberts adds.
“This will help us get to market faster.”
The acquisition is set to close in the next few weeks.
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