JPMorgan Chase and Merchant Customer Exchange (MCX) have inked a deal that will allow Chase Pay, the mobile and digital wallet that Chase customers can use for easier access to their finances, to expand to new merchants over the coming year.
Chase Pay, which launched in November 2016 after a series of delays, initially included Best Buy as their biggest name partner. But acquiring MCX’s payments technology will allow them to add MCX merchants such as Walmart, Shell, Phillips 66 and Wakefern as payment partners.
Mobile payments technology has continued to increase by leaps and bounds over the last year, as more and more consumers get comfortable with the idea of using their smartphones to pay for purchases. Google Wallet, PayPal, and Apple Pay are among the many apps that are available for folks who want to leave their physical wallets behind and use digital payments technology at the checkout counter. Customers simply put their account information into the Chase Pay app, where it is securely stored and used to make payments at participating merchants.
Getting To Market ASAP
Jennifer Roberts, the head of Chase Pay, explained that the company wants to get into the mobile payments as fast as possible, and believes the deal with MCX will help them do that. “MCX has been an important partner, and their technology complements ours, so we’re thrilled to deepen our relationships with the merchant community through the purchase of this technology.”
For their part, MCX was happy to expand their tech solutions to a broader market. “Consistent with our mission to provide secure, consumer friendly, and cost effective mobile payment solutions to the marketplace, MCX took advantage of this opportunity,” said Brian Mooney, CEO of MCX.
Chase is making huge strides lately in advancing their financial technology, after several hiccups that caused delays in the Chase Pay rollout. In December, Chase announced that they’d invested in LevelUp technology, which lets customers use Chase Pay to order and pay ahead of time at fast food restaurants.
Chase Pay is available for free through the App Store for iOS, and Google Play for Android devices. More information is available at Chasepay.com.