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Chase Launches 'Chase Pay' Payments Service to Compete with Apple Pay
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Really? So in addition to Apple fans vs. Android fans, now we have to have cash fans trolling? Well a) who the f still uses cash in 2015 when avoidable? You don't get any added value from using cash, and in many ways its just less secure, less convenient, and annoying to everyone involved in a transaction.
Also, I love 19th-century arguments! let's get back on the gold standard!
I think they got it wrong - this doesn't compete with Apple Pay...
CurrentC was developed to cut out the banks' payment system so the companies behind it did not have to pay merchant fees.
Chase comes along with it's "Chase Pay" - partnering with MCX and piggy-backing on the same system. Now Chase gets some of those merchant fees whenever someone uses Chase Pay instead of CurrentC - exactly the thing that Walmart etc. didn't want.
And I doubt Chase invested much in this... it's MCX who did.
CurrentC was developed to cut out the banks' payment system so the companies behind it did not have to pay merchant fees.
Chase comes along with it's "Chase Pay" - partnering with MCX and piggy-backing on the same system. Now Chase gets some of those merchant fees whenever someone uses Chase Pay instead of CurrentC - exactly the thing that Walmart etc. didn't want.
And I doubt Chase invested much in this... it's MCX who did.
I don't mind if my bank preferred certain kind of payment system and maybe add some benefits for it like points system. But come on they need to support the payment the customers wants to use. It's my money concept and I should have to choose the service of my choice. I hope they lost some customers with this kind of decision they made just so they will learn their lesson.
You're either not in America or you don't buy much of anything. The number of retailers that actually accept Apple Pay/Android Pay is abysmally small. Hell, we're still trying to wrap our heads around chip & pin.
The number of times I still have to "old fashioned" swipe my card is infinitely higher than the number of times I can use APSo with Apple Pay, Samsung Pay and Android Pay you can use Chase cards.
I really fail a reason for Chase to think they'll grab any market share here. People don't want to use multiple apps/methods to pay. And people tend to have more than one credit card and not always with their bank.
I can't fault Chase for wanting to decrease the amount of money they are paying out for competing payment methods - but I don't see their "share" of the payments market being very high.
I really fail a reason for Chase to think they'll grab any market share here. People don't want to use multiple apps/methods to pay. And people tend to have more than one credit card and not always with their bank.
I can't fault Chase for wanting to decrease the amount of money they are paying out for competing payment methods - but I don't see their "share" of the payments market being very high.
Wow finally, I've been waiting for this!
- said no one ever
- said no one ever
And here I thought Chase was being all forward-thinking and modern by supporting Apple Pay from the start. If they pull Apple Pay support in favor of this, I'm out.
Wrong. Apple, well most companies really, only tries their best when faced with strong competition.
Glassed Silver:mac
I'd rather use Apple Pay, but I also have an 5S still, so if this means that I won't have to upgrade my phone to do cardless payments, then I'm all for it, especially if they update their app to automatically pull up your preferred card. A combination of Touch ID and this isn't all that bad.
so it worked so well the first time, it is bound to work better the second time
It's DOA, it won't go anywhere. You can't compete with Apple by introducing an inferior product.
I don't have Chase, but I don't think we need another payment system. Support Apple Pay, Android Pay, and traditional plastic cards and be done.
Then on the retailer end, they need to do the same. I don't want to have 7 payment methods and have to think about which one this specific store supports. I don't know the logistics of it but I really wish Apple would get retailers to push acceptance of Apple Pay, if love to use it but only a handful of places I shop actually take it.
Then on the retailer end, they need to do the same. I don't want to have 7 payment methods and have to think about which one this specific store supports. I don't know the logistics of it but I really wish Apple would get retailers to push acceptance of Apple Pay, if love to use it but only a handful of places I shop actually take it.
Not to worry. Chase stated years ago that they plan to be available on every payment service possible.
This is just another choice, same as the way many people have multiple ways of paying now.
Maybe not with QR, but other banks like Capital One have announced a wallet using NFC on Android. (OTOH, Apple would never open up NFC on the iPhone to other payment methods. Apple is pretty consistent in making sure nobody can compete with them within their own high garden walls.)
Now, I put almost everything I buy on a couple of Chase Presidential cards. So a wallet with more choices is almost meaningless to me.
So IF the Chase app came with extra rewards on top of what I already get, then heck yeah I'd use their app first.
In 5 years Apple and Android pay will dominate. No one is go going to use systems that give businesses user information. People are obsessed with privacy and phone payments provide privacy.
Companies need to realize that their old business model revolving around the collection of customer information is fading. The future is secured anonymous payments. It is what it is.....all of these other systems will wash to shore and stubborn companies like Walmart will lose a lot of money in time due to them not accepting phone payments. Eventually they'll have to raise the white flag, even though it pains them to do so.
Companies need to realize that their old business model revolving around the collection of customer information is fading. The future is secured anonymous payments. It is what it is.....all of these other systems will wash to shore and stubborn companies like Walmart will lose a lot of money in time due to them not accepting phone payments. Eventually they'll have to raise the white flag, even though it pains them to do so.
How is this a competition?
NO ONE ANYWHERE, EVER, WANTS TO USE A QR CODE, FOR ANYTHING.
duh.
NO ONE ANYWHERE, EVER, WANTS TO USE A QR CODE, FOR ANYTHING.
duh.
For those who say Chase is stupid/wrong/shortsighted for doing this, uh, what? Bradl hit it on the head with a post above. This is a win/win for Chase and their shareholders. Supporting NFC and these QR Codes just covers more of their customer base. A good percentage will use Apple Pay/Android Pay/Samsung Pay. Another percentage will continue to use their chip & pin cards, while the QR Codes sweeps in a portion of the rest of their customers. Regardless of the payment option chosen, Chase gets paid a transaction fee. At the end of the day, Chase really doesn't care how you pay, as long as you use Chase.
Financial services companies don't like Apple like you do. They like money.
Financial services companies don't like Apple like you do. They like money.
Actually this isn't a bad idea. There are lots of prior gen iPhone users who can't use apple pay due to HW limitations. This is awesome because it will bring them a link to mobile payments. So over the Apple pay has to win so "Insert monster of the week has to lose". Its ********.
id like to take this opportunity to personal announce that I, too, am releasing a payment service. because, why not? we think you're going to love it.
I really don't think it was the IT Guy. It's more the Marketing Guy saying that.
The IT Guy would be like "I wouldn't touch that with a digital ten foot pole. That's money being thrown down the drain. Doesn't anyone at the top read tech blogs to know that CurrentC is more of a disaster than rolling out a sequel to Jem and the Holograms?"
Wow, MCX's exclusivity contracts with merchants are expiring and the merchants are jumping ship so now MCX is going after banks. I wonder where they could've possibly gotten the idea to get banks on board? Hmmmm...