Chase has announced Chase Pay – calling it "a better payments experience for in-store, in-app and online purchases."
MCX – which includes retailers such as Walmart, Target, Best Buy and Shell – was announced as Chase Pay’s premier partner. 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.
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.
Chase said that Chase Pay addresses some of merchants’ biggest challenges – including the cost of payment, merchant fraud liability and speed of checkout. Chase Pay the same technology used to scan gift cards and will be able to connect a merchant’s loyalty program directly into the payment experience. Chase also says that it can work directly with merchants to drive down the cost of accepting payments through fixed pricing with no additional fees.
Chase Pay will be available in mid-2016 to Chase’s customers across its 94 million credit, debit and pre-paid card accounts.