The largest US bank, JPMorgan Chase & Co, has revealed it plans to launch its own competitor to Apple Pay that will enable customers to pay retailers using their smartphones in stores.
Chase Pay will allow for payments in-store, in-app and online, and already has the backing of the Merchant Customer Exchange (MCX), a consortium of US retailers including Walmart, Target, Best Buy and Shell.
The platform will use tokenisation technology, similar to Apple Pay and Google’s Android Pay, to ensure transactions are secure, and will reduce online checkouts accessed via mobile to a single click in some cases.
While Apple Pay’s high profile launch has seen it reach wide adoption, the mobile payments market in the US is still evolving, and the entry of a new player with strong credentials in the financial area will have tech companies worried, especially given the high-profile retailers that Chase has managed to secure.
Link: http://mobilemarketingmagazine.com/jpmorgan-announces-apple-pay-competitor/
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