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

[MacRumors]

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

 

[akm3]

Oh boy, another DOA payment system.

 

[midtownhd]

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

 

[mcdspncr]

Sounds confusing... Said everybody everywhere...

 

[dlewis23]

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.

 

[Patriot24]

Chase Pay will work via QR code

NEXT.

 

[Frisco]

I refuse to buy anything from anyone that doesn't take Apple Pay.

 

[appledefenceforce]

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

wrong forum

 

[slprescott]

Dear Chase,

If you abandon Apple Pay, I will abandon you. You lose.

- A paying customer of yours

 

[TheHorrorNerd]

Yay for payment fragmentation... Hope this goes up in flames...

 

[Time Less]

Jesus Christ here we go again.

 

[DTphonehome]

If they can't see that this is doomed to be DOA, you really have to wonder who is running this company.

 

[rdlink]

IT Guy: Hey Boss, I know that our cards are supported on Apple Pay, and it's a convenient, secure and simple way for our customer to use them. But we have developed this confusing, kludgy competitor that is less secure and less user friendly.

Boss: Cool, let's do it.

Customer: Yawn.

 

[soupcan]

What's there to compete about? It's a payment service. Banks get the same amount of money whatever the case. It's Not some hardware related stuff. Also, if you mention "QR code" and "new payment thing" in one sentence you know you goofed up. It's gonna be DOA, just like CurrentC.

Next!

 

[Derekuda]

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!

 

[mariusignorello]

Dear Chase,

If you abandon Apple Pay, I will abandon you. You lose.

- A paying customer of yours

They were a huge supporter of Apple Pay too.

 

[Squid7085]

Hey! Do you like the ease and convenience of Apple Pay? Neither do we! Way too simple, and we as a multinational banking institution think that life should be much more complicated. From the industry that brought you the 2008 financial crisis comes CHASE PAY!

Chase Pay, a more unreasonably complicated way to pay!

 

[marcr1230]

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

 

[MacVault]

Which Chase exec had this stupid web-dream?

1, only a brand as big as apple / good will gain any traction.
2, this space is already well-served.
3, chase is soooo un-cool!

 

[bradl]

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.

 

[rdlink]

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!

Don't call me a liar.

 

[Jakexb]

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]

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.

 

[BigMacAttack1]

Instead of giving people a batter interest rate

Sounds like a piece of cake!

 

[Soccertess]

sorry, I like NFC way better. Chase will be on the loosing end of this payment war.