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Chase announces its own digital wallet service

Written by Andre Yoskowitz @ 26 Oct 2015 9:46

Chase announces its own digital wallet service JPMorgan Chase Bank, the U.S.' largest bank, has announced their own digital wallet service: Chase Pay.
Chase will be partnering with MCX to have Chase Pay accepted in their stores, restaurants and gas stations. MCX includes major retailers 7-Eleven, Alon Brands, Best Buy, CVS Health, Darden Restaurants, HMSHost, Hy-Vee, Lowe's, Michaels, Publix, Sears Holdings, Shell Oil Products US, Sunoco, Target Corporation and Walmart.

In some cases, customers will pay by showing a unique QR code and in others, they will have to use Chase Pay inside MCX's own CurrentC app. That makes things interesting especially since the CurrentC app is currently in a very limited beta.

Chase also has some leverage in launching Chase Pay. Retailers/merchants will pay lower transaction fees for Chase Pay transactions compared to other methods, said the bank.

Gordon Smith, Chase's CEO of consumer & community banking, said the service is expected to launch in mid-2016.


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