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Customers will have to wait a little while longer to use Chase Pay.
JPMorgan Chase’s proprietary mobile wallet will now launch in the fourth quarter of this year, Chase Commerce Solutions head of global e-commerce and large omnichannel solutions Kim Fitzsimmons said at the Shoptalk retail trade show, according to Digital Transactions News . This is several months later than the original launch timeframe of mid-2016.
Chase has already teamed with Starbucks to insert its mobile wallet right into the Starbucks app. And the financial company reportedly continues to sign merchants onto Chase Pay as it prepares to roll out the app by the end of 2016.
Consumers will likely adopt the mobile wallet in droves when it debuts because Chase is providing incentives for merchants to accept Chase Pay by offering them lower transaction fees on Chase Pay purchases compared to other payment methods.
The arrival of Chase Pay could be another milestone in the incredible evolution of the payments ecosystem. The flood of mobile wallets on the market (Apple Pay, Samsung Pay, Android Pay, Walmart Pay, etc.) have changed the way we pay for goods, and these wallets are just one piece of the puzzle.
Evan Bakker and John Heggestuen, analysts at BI Intelligence , Business Insider’s premium research service, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. […]
