Chase Announces CHASE PAY

5 mins read

The FINANCIAL — Chase announced on October 26 Chase Pay – a better payments experience  for in-store, in-app and online purchases. MCX – which includes retailers such as Walmart, Target, Best Buy and Shell – will be Chase Pay’s premier partner.

Chase Pay will be available in mid-2016 to Chase’s customers across its 94 million credit, debit and pre-paid card accounts, according to JPMorgan Chase.

“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.  Smith made the announcement about Chase Pay at the Money 20/20 conference in Las Vegas. 

What Chase Pay does for merchants

Chase Pay addresses some of merchants’ biggest challenges – cost of payment, merchant fraud liability and speed of checkout 

It uses easy-to-implement technology that many merchants already have – the same technology used to scan gift cards

Chase Pay will be able to connect a merchant’s loyalty program directly into the payment experience

Chase has a complete payments system and can work directly with merchants to drive down the cost of accepting payments through:

Fixed pricing

No additional fees

$0 Network Fees

$0 Merchant Processing Fees

$0 Merchant Fraud Liability

What Chase Pay does for consumers

Chase Pay is secure – it uses tokenization technology in store, in-app, and online

Merchant loyalty programs will be available directly in the Chase Pay experience – no more fumbling for coupons or key fobs

See also  EBRD and partners explore digitalisation in green trade finance

Chase Pay will work on virtually all smartphones

Consumers will be able to pay with smartphones at places like gas stations or drive through windows

Chase Pay will improve online and in app payments, so consumers who enroll in Chase Pay can checkout with just one click

In certain locations, like restaurants, consumers will be able to use their smartphone to take a picture of a receipt and pay with Chase Pay

In stores that accept Chase Pay, consumers will be able to use their mobile device to pay at the register

Chase relationships with consumers and merchants

One out of every two households in the U.S. is a Chase customer

Chase customers have 94 million credit, debit and pre-paid card accounts

Chase is #1 in total U.S. credit and debit payment volume, with  $707 billion in total sales in 2014

Chase debit and credit card holders complete 34 million transactions a day, on average

Chase’s digital and mobile channels have more than 16 million log ins each day, on average 

Chase Commerce Solutions is the #1 wholly-owned merchant acquirer

Chase has the ability to connect directly with merchants for debit and credit customers

Where Chase Pay will be available

Chase Pay’s premier partner is MCX, with merchants that collectively represent over 100,000 retail locations.  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.  Chase is also partnering with 17 technology vendors so that merchants who are not Chase Commerce Solutions clients can also participate in Chase Pay.

See also  EBRD and partners explore digitalisation in green trade finance

Quotes

Brian Mooney, CEO of MCX:

“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, 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.” 

Mike Cook – SVP & Assistant Treasurer, Walmart Stores, Inc.

“Featuring Chase Pay within the CurrentC app will give customers greater flexibility, convenience and value when they pay with their mobile device.  This gives us an opportunity to simplify payments for Chase’s extensive customer base, deepen loyalty in a way only MCX can and enhance the customer experience through added services consumers expect from a mobile application.” 

Chris Suess, General Manager, Payments of Shell Americas

 “CurrentC and Chase have teamed up to create benefits for both customers and merchants.”

 

Leave a Reply