JPMorgan Chase plans to launch a competitor to Apple Pay and Android Pay that will allow cardholders to make payments with their smartphones.
Chase Pay is expected to debut on
devices soon, though the company won’t market it aggressively until next year. In its favor, Chase has signed a deal with the Merchant Customer Exchange (MCX), a group containing some of the country’s largest retailers, including Walmart and Best Buy. Many of the MCX retailers have so far shunned Apple Pay, limiting Apple’s ability to push into more stores.
Chase promised it would cut MCX members’ costs if they sided with Chase, and it is also offering higher levels of security for Chase Pay merchants. The financial institution hopes to see merchants offer their own customers benefits for using Chase Pay rather than rival mobile payment services. Chase cardholders may continue to use Apple Pay, which Chase still supports.
Chase has not yet added support for Android Pay and Samsung Pay, however, both of which launched in the last month or so. JPMorgan Chase is the country’s largest bank and counts about 94 million credit and debit cards.
