Chase launches Chase Pay; partners MCX

First, Chase Pay aims to address some of merchants’ biggest challenges – cost of payment, merchant fraud liability and speed of checkout by using a technology that many merchants already have – the same technology used to scan gift cards. Furthermore, Chase Pay has the possibility to integrate a merchant’s loyalty program directly into the payment experience.

Second, to address the consumer market, Chase Pay enables users to pay with smartphones at places such as gas stations or drive through windows. In certain locations, like restaurants, consumers can use their smartphone to take a picture of a receipt and pay with Chase Pay.

Chase relies on its relationships with consumers and merchants while launching Chase Pay. According to company’s own data one out of every two households in the US is a Chase customer. Moreover, Chase customers have 94 million credit, debit and pre-paid card accounts and Chase debit and credit card holders complete 34 million transactions a day, on average. Plus, Chase’s digital and mobile channels have more than 16 million logins each day, on average, also added the company.

MCX – which includes retailers such as Walmart, Target, Best Buy and Shell – will be Chase Pay’s premier partner. MCX has a network of merchants that collectively represent over 100,000 retail locations. Chase Pay will be progressively rolled out at these merchants who are accepting CurrentC starting in mid-2016. Chase customers will be able to use Chase Pay wherever CurrentC is accepted – either directly, or through the CurrentC app.

Plus, Chase is also teaming up with 17 technology vendors so that merchants who are not Chase Commerce Solutions clients can also participate in Chase Pay.