Chase Launches 'Chase Pay' Payments Service to Compete with Apple Pay

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Apr 12, 2001
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JPMorgan Chase & Co today announced plans to launch its own payments service to compete with Apple Pay, reports Re/code. The news comes courtesy of Chase CEO of Consumer and Community Banking, Gordon Smith, who announced "Chase Pay" at the Money20/20 payments conference in Las Vegas.

Chase Pay will work via QR code instead of over NFC, allowing customers to make purchases with their smartphones by showing a QR code to a cashier. If that sounds a lot like the MCX Consortium's upcoming CurrentC platform, it's because Chase is partnering up with MCX for its payments service.

The MCX Consortium, which promotes the QR-based CurrentC app and payments service, consists of collection of merchants like Walmart, Target, Sunoco, Kohl's, Best Buy, Rite Aid, CVS, Lowe's, Sears, Shell, Michaels, 7-Eleven, and more. Once available, CurrentC will be available as a payment option in all of these retail locations, as will Chase Pay.
In some of these stores, customers will be able to pay by showing a QR code within the Chase Pay app. In others, Chase customers will have to use Chase Pay inside MCX's own CurrentC app. It's not clear which of the MCX member retailers will support which method.
CurrentC has been in development for multiple years, giving Apple Pay an edge with its earlier release timeline. While most MCX members were originally subjected to an exclusivity agreement, that has since expired, leading several MCX Consortium members to offer support for Apple Pay. Chase itself also supports Apple Pay, allowing Chase credit cards and debit cards to be used with Apple's payments service.

CurrentC and Chase Pay are both slated to launch in 2016.

Article Link: Chase Launches 'Chase Pay' Payments Service to Compete with Apple Pay
 

Derekuda

macrumors 6502
Oct 2, 2004
317
1,034
And so the death of Apple Pay begins.... Finally! Anyone who claims to use that crap is a liar anyways. Cash is still king. WOOP WOOP!
 
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marcr1230

macrumors newbie
Feb 11, 2010
18
14
QR codes are not as reliable and quick as NFC via ApplePay - both at airports and Starbucks scanning often takes multiple tries and gymnastics to complete via QR.
I use ApplePay daily on my local train line - scary fast, no new equipment needed as the farecards are NFC already

Good luck with that
 

bradl

macrumors 601
Jun 16, 2008
4,032
11,949
As a Chase customer I'm rather annoyed they waste there time with this stuff. Instead of giving people a batter interest rate or improving customer service they waste money on these stupid things no one is going to use.
However, you have to think of the purpose of this and who will benefit from it.

As already mentioned, this is pretty much DOA with MCX desperately flailing around to catch up with CurrentC. However, with going with a bank and their services, who is going to benefit from this?

Not the customers with accounts at the bank. No; the only people to benefit from this are the stockholders with shares in Chase Bank. Like I said before:

With Credit unions, all profits are shared between the members of the credit union.
With Banks, all profits are shared between the stockholders/shareholders of the stock in the bank.

Because of that alone, I dropped my bank (at the time BofA) and took my money to a credit union, which earlier this year, received a dividend check from their last year's profits. And this is with me having 2 sets of checking/savings accounts (one personal, one for my business), and interestingly enough, my two children received checks as well for having their minors accounts there.

If there is one whose terms you qualify for, you may want to look at joining a credit union.

BL.
 

Jakexb

macrumors 6502a
Mar 18, 2014
779
1,078
It's crazy how delusional this is. Even Apple Pay is off to a slow start and it's a quicker and easier than swiping your card. This QR pay stuff has no benefit to the customer at all. It's slower and more complicated than swiping your card.
 

brendu

macrumors 68020
Apr 23, 2009
2,444
2,423
USA
As a Chase customer I'm rather annoyed they waste there time with this stuff. Instead of giving people a batter interest rate or improving customer service they waste money on these stupid things no one is going to use.
Those won't make them money, this will.
 
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