JPMorgan Chase & Co.’s consumer and commercial banking business, Chase, says it has an ace up its sleeve when it comes to payment systems. In fact, the company even goes to say that theirs is actually “a better payments experience” whether shopping is done in-store, online or in-app.
JP Morgan’s newest product, Chase Pay, was revealed by Consumer & Community Banking Chief Executive Officer Gordon Smith during the Money 20/20 conference in Las Vegas. Smith confidently declared that their latest product can has already solved several “pain points” for both consumers and merchants.
For customers, JPMorgan says that Chase Pay is very secure and will work on just about any smartphone make or model. Moreover, checkout can be easily done with just one click. Meanwhile, in some location, such as restaurants, customers can take a photo of the receipt with their smartphone and settle the bill with Chase Pay. In addition, merchant loyalty programs will also be integrated into the Chase Pay so customers can do away with coupons or key fobs.
As for merchants, JPMorgan says that Chase Pay already takes into account some of their biggest concerns, including payment costs, merchant fraud and checkout speed. What’s more, Chase Pay uses technology that is already used to scan gift cards, making it very easy to use. In addition, Chase Pay comes with a fixed pricing and no additional fees, whether that be network fees, merchant processing fees or merchant fraud liability.
To give Chase Pay customers a broad list of shops and dining establishments to choose from, JP Morgan chose Merchant Customer Exchange LLC (MCX) to be Chase’s premiere partner. The MCX network includes Target, Walmart, Sears, Best Buy, Kohl’s, K Mart, Mobil, Olive Garden, Shell and many more.
Chase Pay is expected to be made available to Chase customers by mid-2016. Together, these customers have 94 million credit, debit and pre-paid card accounts with Chase.