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Mobile Payments

Chase acquires MCX mobile payments technology

Tuesday 14 March 2017 | 09:38 AM CET

JPMorgan Chase has agreed to acquire the payments technology behind CurrentC, the mobile wallet, from the retailer joint venture Merchant Customer Exchange.

It means that Chase Pay, which was already in place as part of a planned MCX wallet through a partnership in October 2015, will get a boost from the technology needed to connect to the major retailers that are members of MCX as well as with non-MCX members..

The existing partnership between Chase and MCX started shortly after MCX revealed its plans to start testing CurrentC in Columbus, Ohio. Testing took place for nearly a year before MCX pulled the plug on the initiative, which had the goal of reducing credit card fees by setting up an ACH-based wallet and keeping consumer purchasing data in the hands of the retailers.

Chase Pay made its debut in late 2016 with Starbucks and Best Buy, and it has commitments from MCX members like Walmart, Shell, Phillips 66 and others over the next year or longer.

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