Chase released Chase Pay last week, a new payments experience available to merchants for in-store, in-app and online purchases.
MCX - which includes retailers such as Walmart, Target, Best Buy and Shell - will be Chase Pay's premier partner. MCX is a company created by a consortium of U.S. retail companies which is focused on developing a merchant-owned mobile payment system. The retailers that are part of MCX account for nearly $1 trillion in annual sales.
Chase Pay will likely see significant adoption once it is made available in mid-2016 to Chase customers. Chase Pay, which uses technology that many merchants already have, will be able to connect to a merchant's loyalty program and seems very competitive in terms of the cost of payments. Chase is offering fixed pricing and no additional fees.
"Chase Pay solves a number of pain points for consumers and merchants. It will improve the customer experience and drive down the cost of payments," said Gordon Smith, CEO of Consumer & Community Banking at JPMorgan Chase & Co. Smith made the announcement about Chase Pay at the Money 20/20 conference in Las Vegas.
