Chase Pay Jumps Into Mobile Payment Race
LAS VEGAS — Chase is launching Chase Pay for in-store, in-app and online purchases along with Merchant Customer Exchange (MCX), which includes retailers such as 7-Eleven, Walmart, Target and Shell, as Chase's premier partner. Chase Pay will be available to Chase customers across 94 million credit, debit and prepaid card accounts in mid-2016.
Chase Pay is designed to address major merchant challenges, such as cost of payment, merchant fraud liability and speed of checkout, and uses easy-to-implement technology that many merchants already have, according to Chase. It will also be able to connect a merchant's loyalty program directly into the payment experience.
"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," stated Gordon Smith, CEO of consumer and community banking at JPMorgan Chase & Co. Smith announced the launch Chase Pay at the Money 20/20 conference this week in Las Vegas.
Chase Pay will be progressively rolled out at merchants that accept MCX's mobile platform CurrentC starting in mid-2016. Chase customers will be able to use Chase Pay either directly or through the CurrentC app wherever CurrentC is accepted. Chase is also partnering with 17 technology vendors to allow vendors that are not Chase Commerce Solutions clients to participate in Chase Pay.
"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," said Brian Mooney, CEO of MCX. "This is a significant milestone, not just for MCX and Chase, but for mobile payments overall as the industry continues to take shape. Everywhere CurrentC is accepted, Chase Pay will be accepted."
Strategic Partnership With P97 Networks
Following the announcement of Chase Pay, mobile commerce provider P97 Networks Inc. said it will launch a program to enable commerce with Chase Pay to pay at the pump and make in-store purchases using smartphones.
"With the combination of P97's PetroZone Mobile Commerce Platform and Chase Pay, we are thrilled to deliver more payment options to consumers at the pump," said P97 President and CEO Donald Frieden. "We are confident this combined solution will deliver an innovative mobile payment experience for the retail fuels market customer."
Chase's strategic partnership with P97 will allow Chase Pay to seamlessly integrate with retail site systems through P97's PetroZone Mobile Commerce Platform, including mobile payment capabilities, digital marketing, loyalty programs and customer reward systems, according to the announcement.
"Our technology partners, such as P97, are industry visionaries who will integrate Chase Pay into merchants' overall payment acceptance strategy," said Tom Nipper, executive director of global enterprise solutions for Chase Commerce Solutions.