Netcom PaySystem

JP Morgan Chase & Co. Debuts Its Own Mobile Wallet: Chase Pay


Roswell, GA -- (SBWIRE) -- 12/30/2016 -- When it comes to mobile wallets, there are two big companies that currently own a considerable chunk of the market: Samsung and Apple. While there are multiple alternatives available, these are the one's people tend to prefer. The company JP Morgan Chase & Co. is determined to change that, and their first step in doing so was to create a mobile wallet of their own: Chase Pay.

Not that long ago, the company announced consumers can now officially download their app from Apple Store and use it in multiple Starbucks and Best Buy locations. The numbers given by the company were the following: over 7,500 Starbucks and a little under 1,400 Best Buy locations, with plans to expand to many other retailer locations in the future.

When it comes to in-store transactions, the app uses QR codes. Furthermore, it can also be used to complete in-app and online purchases. The mobile app can store Chase credit or debit cards for the user to utilize and check their balance from their phones.

JP Morgan has also announced more retailers are to accept transactions with Chase Pay in early 2017. Some of the honorable names include; Phillips, Conoco, Walmart, ShopRite, The Fresh Grocer and Shell stations.

As mentioned before, Chase Pay will be competing against major mobile wallets, including Apple's, CVS Health Corp's, Samsung's, and even Walmart's. This is the main reason why it might take a very long time for customers to get used to this new platform.

An independent payment analyst has said Chase Pay needs to incorporate more retailers as soon as possible. Fortunately, Chase Pay offers some benefits that other companies don't. For instance, the acceptance cost is reduced when compared to Apple or Samsung counterparts. However, we are yet to see if this is what merchants and consumers are looking for when they search for a mobile wallet to download.

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