JP Morgan Chase & Co has announced that it is going to launch its own payment system named Chase Pay to take on Apple Pay, Samsung Pay and Android Pay. The largest American bank has developed a new mobile app, which uses your credit, debit and prepaid card to make payments through CurrentC.
Customers can use this wallet to pay by their phone in stores and restaurants. You can also easily pay in online stores and apps through Chase Pay. Customers have to scan QR code to make payment via Chase Pay. It allows users to make payment for their purchase by showing a QR code to cashier. People have to wait for a while to use this new digital wallet from JPMorgan Chase & Co, as it won’t be available till mid 2016.
As Chase Pay allows you to pay for your shopping through CurrentC, it will be interesting to see how it performs after its launch in mid 2016. CurrentC critics believe that it cares more about retailers than the customers, as it collects more information like the shopping habit of customers.
This is surely another way of online payment system, but currently NFC enabled payment system like Apple Pay and Android Pay are growing day by day. These NFC enabled online payment system is very easy and secure. So only time will tell people go for Chase Pay or NFC powered payment system.