Menu
Chase Pay to take on Apple, Google and Samsung in 2016

Chase Pay to take on Apple, Google and Samsung in 2016

The payment platform gives a big boost to merchant-backed CurrentC

JP Morgan Chase will launch its own smartphone payment platform in mid-2016, it said Monday, going head-to-head with rival services from Apple, Google and Samsung.

Chase Pay will be based on CurrentC, a retailer-led mobile payment system that has largely been written off by Silicon Valley techies for its reliance on barcodes rather than the more sophisticated NFC (near-field communications) technology adopted by its competitors.

It works through an app that displays a barcode on the customer's smartphone screen. The retailer scans the barcode to complete the payment. There's also a version that works online.

While its reliance on barcodes might not be as cool as the tap-and-go NFC system, it means CurrentC, and therefore Chase Pay, is compatible with a much larger number of smartphones. Users with phones incompatible with other payment systems could find their phones work with the Chase platform.

The Chase Pay platform will roll out to Chase's 94-million credit, debit and pre-paid card account holders, and will also tie-in with retailer loyalty cards.

151026 chase pay qrcode a JP Morgan Chase

Chase Pay in use on a smartphone

The pairing with one of the country's biggest bank and card issuers will give CurrentC a major boost in the market and should ensure Chase Pay is accepted at a large number of major retailers.

CurrentC is being developed by MCX (Merchant Customer Exchange), a consortium of some of the biggest retailers in the U.S., including Wal-Mart, Target, Shell, Exxon, CVS, Dunkin Donuts and Sears.

A big impetus behind its development was the desire of retailers to prevent companies like Apple and Google from gaining an insight into their businesses and the purchases of customers. For retailers, CurrentC also offers no transaction fees.

But while trials of the technology are ongoing, CurrentC has yet to launch -- something that will need to happen before Chase Pay can get off the ground.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments