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

[superdion]

Interest rates that are payed on the amount of money I have in my Checking/Savings account are not based on credit.

I'm sorry, in that regard you are correct. The APY or annual percentage yields are based on the prime rate which is set by the Fed. The APY directly correlates with APR or annual percentage rate. Meaning that while yields are low, loan rates are as well. No one is upset at getting a .9 percent rate on an auto loan, but complain that savings accounts don't pay enough.

But that aside, chase isn't leaving Apple Pay, but for chase shareholders it's a bold move to bring mobile pay apps for iPhone to Walmart, Target, CVS, Best Buy and Shell. Currently none of these accept Apple Pay. It's just another option Chase is providing. Not a replacement.

 

[B4U]

Exactly

How many times must it be said, maybe all capitals will help. THEY ARE NOT DOING AWAY WITH APPLE PAY. They want to be available on all payment methods, which every bank should.



Do you really think they are going to spend a whole lot of money on this. They already have software developers on payroll. As for the back-end all or most is already in place since it is using MCX. Any advertising will more then likely include all the ways to pay with Chase ie. Apple, Samsung and Android pay.

Why wouldn't a bank want to be available on every payment platform?

FYI, I have clearly read the article before the comment and my post did not say anything about they ARE doing away with Apple Pay. I am simply implying that if they ever decide to go with this route AND terminate Apple Pay, they would lose me as a customer.