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

[ideal.dreams]

Damn, just when I got my Sapphire Preferred card from them...looks like the annual fee just became unjustifiable

 

[naeS1Sean]

I'm convinced that the people on this forum are the only people who actually use Apple Pay. I live in NYC and legitimately never see people using it in the wild. Swiping my Amex card is easier than scanning my iPhone.

You don't scan your phone...first of all.

 

[Denmac1]

What the hell is wrong with some people in this forum? Are heads stuck so far up Apple's ass that people aren't receiving oxygen and can't think anymore?

1. Chase Pay doesn't obviate Apple Pay. Not sure who's the genius who started that virus of an idea.
2. Chase will still support Apple Pay; along with Android and Samsung Pay.
3. Chase will also support Chip&Pin and QR Codes.
4. Chase will be able to reach as many customers as possible with this strategy. Not just Apple customers.

Chase, unlike many in this thread, seems to realize not everyone is Apple Pay capable. There are those with older iPhones or no iPhone. Same with updated Android and Samsung capabilities (everyone is not using the latest and greatest). Some of those unwashed masses can use their chip and pin cards or Chase Pay if they choose. It's an option, not a requirement.

Reading some of these comments is like reading the comment sections from appleinsider, youtube, and yahoo all jumbled together. Embarrassing.

/rant over

Understable, and people have a choice. I'm not going to use Chase any longer as I'm not going to be out $120 a year because of their minimum requirements. Based on that info, no telling what else they might do to trump up additional fees.
In this day & time, unfortunately, it's a given that you need to keep up with current hardware( within 2 years ) to best benefit from the current tech that is out there. It will probably accelerate even quicker as need exist.

 

[Tech198]

didn't need to read the whole article that time to know what we were in for :

although QR code may not be as secure as Apple Pay on a transnational level so what ...... the good thing is that "any" smart phone can use them. .

Credit cards are not as secure either as Apple pay, or the lesser, but we use them,,, and have for the past 10 years.

We like competition

 

[Nicky G]

Oooooh... sad. It's almost as if Current-C is willing to backtrack entirely on its main premise (linking to bank accounts and cutting out credit card companies) because it faces near-certain doom, and will thus sell the infrastructure they built (but have not deployed) to anyone willing to pony up a buck...

 

[jayisblessed]

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!

Are you talking about yourself?! Woo! Woop!

 

[uwdude]

Boy these banks and retailers really want this QR crap pretty badly to reap customer info don't they. But just like with iTunes, ease of use will eventually win, and the QR code within a special app just isn't easy enough to compete.

 

[tmiw]

My take:

* Apple Pay, Android Pay, and other NFC-based payment won't die though. It's a well adopted support ... well, outside of the US. (However, FWIW, it's soooooo well supported since all new terminals can do it. It's just that some merchants disable them.)
* Samsung Pay via MSD won't die, until we obliterate magnetic stripe which is like never.
* Chase Pay and others — They will live as long as there's something, such as deals, that retain users (imagine getting 5% off all orders on all transactions through Chase Pay during 2016). After that, there's no way someone would prefer that compared to just using card or NFC payment.

BTW, while I hate MCX since the made me unable to use NFC everywhere, they still have a hurdle that they have to go through — those people who thinks using card with magstripe is good enough. It's the same people that doesn't want to use Apple Pay even they have phone that supports it. I think their target audience is pretty much US, the people who love to try new things. If we just don't give this thing a chance, then it'll go away soon enough.

They won't die, but in the US:

* The majority of merchants likely won't bother with NFC in the short to medium term, possibly not until at least their next terminal replacement cycle. Apple and Android Pay as a result will be predominantly used for in-app purchases and not in-person ones.
* Banks will realize this and sign on with Samsung in the short to medium term so they can get some ROI on their tokenization infrastructure. MST will comprise the vast majority of in person mobile payment transactions (meaning Samsung "wins" but Samsung users alone don't comprise anywhere near the majority of card users, so in-person mobile payment use remains low). Smaller banks and credit unions might even decide to abandon Apple and Google once their contracts run out.
* Visa/MasterCard will have to make a choice: do they want to do what it takes to make NFC commonplace, or will they just accept that NFC will never be used that much here? If the former, they will likely need to mandate acceptance like they did for Europe; I was hoping that wouldn't be necessary but since merchants are keeping it disabled even on brand new terminals with the necessary hardware and with EMV enabled...

All because retailers would rather our card transactions take 10+ seconds to complete (EMV) than give up their non-consensual tracking. No, loyalty program support in Android and Apple Pay is not enough for some of them. Honestly, Apple or Google should have bought LoopPay when they had the chance.

I'm not exaggerating, it takes longer to pay with CurrentC than using a normal credit card. Now you can argue it's faster than scanning a loyalty card and swiping a credit card separately, but a lot of people don't have loyalty cards. I don't see it catching on.

Does it take the same amount of time as a chipped card at least? It would be really bad if it were slower than those.

 

[B4U]

Dear Chase,

The minute you have decided to begin this service and terminate Apple Pay, I would be glad to destroy the credit cards that I have with you.

Yours sincerely,
Your paying customer since 2009.

 

[Tiger8]

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.

Amen! I am so annoyed at them. I have chase business checking, saving, and credit card. Chase master card is not on Apple Pay (only visa), their customer service is bad too.

 

[ke-iron]

I know Apple is one to stir up the market and push companies to come out with stuff but this is just getting ridiculous now. How many payment systems do we need?

 

[cwosigns]

Maybe use a more accurate article title, like "Chase Announces 'Chase Pay' Payments Service to Compete with Apple Pay."

It hasn't launched and won't until 2016.

 

[macfoxpro]

I just purchased a range (oven/stove) the other day at Best Buy.
'Twas a super fast and painless transaction.

 

[jefbond]

All it takes is someone to place a small camera at one of the terminals and then everyone's account will be compromised...

 

[tmiw]

I just purchased a range (oven/stove) the other day at Best Buy.
'Twas a super fast and painless transaction.

Best Buy still asked for a signature with Apple Pay the other day but I don't know if that was a Discover thing or if they did it for all card types.

 

[C44B2yeah!]

What could possibly make the people at Chase think this is going to work? I think we should all save them time and think of some very to creative ways to spend the $$$$$$ they are going to waste on this doomed endeavor.

1. Gold plated hummer
2. Steve Urkel for President campaign funding
3. 2 for $10 sizzler meals
4. Competitor to splenda
5. Water for California pools fund
6. Win Bernie Sanders heart campaign
7. Whale breeding
8. Valentines date for Janet Yellen
9. Illuminati family reunion
10. Making SNL funny again

 

[Hog Milanese]

QR Codes? What is this, 2006?

 

[MyMacintosh]

lost me at QR code. I've played around with QR codes literally twice in my life just to see how they work. have never used since then. Its a no from me

 

[DadBod630]

Best Buy still asked for a signature with Apple Pay the other day but I don't know if that was a Discover thing or if they did it for all card types.

It depends on the card issuer. I think my USAA cards require a signature while my Chase card doesn't.

 

[dannyyankou]

Does it take the same amount of time as a chipped card at least? It would be really bad if it were slower than those.

No, the chip cards is another disaster. Good for security, but terrible for customer convenience. Use one at Targrt and you'll know what I'm talking about.

And you can argue Apple Pay/Samsung Pay is more secure.

 

[ellsworth]

I don't understand the need to compete vs the need to join forces on an already solid platform. It drives me crazy.

 

[ohio.emt]

What the hell is wrong with some people in this forum? Are heads stuck so far up Apple's ass that people aren't receiving oxygen and can't think anymore?

1. Chase Pay doesn't obviate Apple Pay. Not sure who's the genius who started that virus of an idea.
2. Chase will still support Apple Pay; along with Android and Samsung Pay.
3. Chase will also support Chip&Pin and QR Codes.
4. Chase will be able to reach as many customers as possible with this strategy. Not just Apple customers.

Chase, unlike many in this thread, seems to realize not everyone is Apple Pay capable. There are those with older iPhones or no iPhone. Same with updated Android and Samsung capabilities (everyone is not using the latest and greatest). Some of those unwashed masses can use their chip and pin cards or Chase Pay if they choose. It's an option, not a requirement.

Reading some of these comments is like reading the comment sections from appleinsider, youtube, and yahoo all jumbled together. Embarrassing.

/rant over

Exactly

Dear Chase,

The minute you have decided to begin this service and terminate Apple Pay, I would be glad to destroy the credit cards that I have with you.

Yours sincerely,
Your paying customer since 2009.

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.

What could possibly make the people at Chase think this is going to work? I think we should all save them time and think of some very to creative ways to spend the $$$$$$ they are going to waste on this doomed endeavor.

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.

I don't understand the need to compete vs the need to join forces on an already solid platform. It drives me crazy.

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

 

[tmiw]

It depends on the card issuer. I think my USAA cards require a signature while my Chase card doesn't.

I believe it's more a function of the type of card. USAA is MasterCard so it'd be subject to MC's rules (>$50 requiring signature), while Chase is mostly Visa (>$25 requiring one). Ideally CDCVM would be supported so no signature would be required at all but retailers can't even get that right.

No, the chip cards is another disaster. Good for security, but terrible for customer convenience. Use one at Targrt and you'll know what I'm talking about.

~10 seconds to use a chip card. That should be a pretty low bar for CurrentC, right?

 

[StevieD100]

NEXT.

QR Codes are so... 2012.
I treat them like those shortened URL's. Avoid because you really don't know if what they say (QR) or take you (url's) are really the 'real deal' and not some scammer instruction to empty your bank account or put a few thousand $$$$ on your Credit Card. you really have no idea at all.

Sorry Chase this is a non starter. It has no USP. Get your thousands of MBA's to tell you what that means in the wider scope of things.

 

[Agent OrangeZ]

this is just crazy, where is support for Android Pay?

I use my Chase debit card with Android Pay on my Moto X 2015.