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Chase Pay Will Ring up Fast, Secure Payments for Merchants Chase Pay Will Ring up Fast, Secure Payments for Merchants
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Chase Pay Will Ring up Fast, Secure Payments for Merchants

Consumers use their smartphones millions of times a day to send messages, swap photos and keep up with the world. Yet, they have been slow to use those phones to make purchases at merchants. In fact, fewer than one of every 100 in-store purchases are made with a smartphone.

Chase thinks its new Chase Pay® can pick up the pace. It's focusing first on merchants — kicked off at the Money 20/20 conference in Las Vegas — and then on consumers.

"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.

Chase Pay was designed to be safer, rewarding and secure for both merchants and consumers. Chase Pay was also designed to provide fixed pricing for the merchants, giving them a more transparent cost structure. Chase will directly handle both the merchant and customer sides of the transaction because both will be Chase clients.

Of course, changing habits isn't easy.

"We need to have a 'who's who' of merchants signed up for Chase Pay before launching it to consumers in mid-2016, so we're working on that first," Smith said. Chase credit and debit card holders complete 34 million payments a day, on average.

Chase has buy-in from the CurrentC/MCX consortium of retailers such as Walmart, Target, Best Buy and Shell. The consortium generates $1 of every $4 spent at U.S. stores.

"Our partnership links Chase and its customer base with CurrentC's extensive network of leading retailers, restaurants, grocery stores and fueling stations, which process over $1 trillion in transactions annually at more than 100,000 U.S. locations," said Brian Mooney, CEO of MCX. "This is a significant milestone, not just for MCX and Chase, but for mobile payments overall as the industry continues to take shape," he said. "Everywhere CurrentC is accepted, Chase Pay will be accepted."

Merchants can offer Chase Pay online as soon as they're ready and in stores by mid-2016.

What's in it for Merchants

  • Chase Pay addresses some of merchants' biggest challenges – cost of payment, merchant fraud liability and speed of checkout.
  • It uses easy-to-implement technology that many merchants already have – the same technology used to scan gift cards.
  • Chase Pay will be able to connect a merchant's loyalty programs directly into the payment experience.
  • Chase has a complete payments system and can work directly with merchants to drive down the cost of accepting payments through fixed pricing and no additional fees: $0 network fees, $0 merchant processing fees and $0 merchant fraud liability.

What Chase Pay Does for Consumers

  • Chase Pay is secure -- it uses tokenization technology in store, in-app, and online.
  • Merchant loyalty programs will be available directly in the Chase Pay experience -- no more fumbling for coupons or key fobs.
  • Chase Pay will work on virtually all smartphones.
  • Consumers will be able to pay with smartphones at places such as gas stations or drive-through windows.
  • Chase Pay will improve online and in-app payments, so consumers who enroll in Chase Pay can check out with just one click.
  • In certain locations, like restaurants, consumers will be able to use their smartphone to take a picture of a receipt and pay with Chase Pay.
  • In stores that accept Chase Pay, consumers will be able to use their mobile device to pay at the register.

"Over time, Chase Pay will make it worthwhile for customers to pull out their smartphones at stores, and leave their credit and debit cards in their wallets," said Smith.

For more information about Chase Pay, please visit

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