Chase Pay to take on Apple, Google and Samsung in 2016

The payment platform gives a big boost to merchant-backed CurrentC

JP Morgan Chase will launch its own smartphone payment platform in mid-2016, it said Monday, going head-to-head with rival services from Apple, Google and Samsung.

Chase Pay will be based on CurrentC, a retailer-led mobile payment system that has largely been written off by Silicon Valley techies for its reliance on barcodes rather than the more sophisticated NFC (near-field communications) technology adopted by its competitors.

It works through an app that displays a barcode on the customer's smartphone screen. The retailer scans the barcode to complete the payment. There's also a version that works online.

While its reliance on barcodes might not be as cool as the tap-and-go NFC system, it means CurrentC, and therefore Chase Pay, is compatible with a much larger number of smartphones. Users with phones incompatible with other payment systems could find their phones work with the Chase platform.

The Chase Pay platform will roll out to Chase's 94-million credit, debit and pre-paid card account holders, and will also tie-in with retailer loyalty cards.

151026 chase pay qrcode a JP Morgan Chase

Chase Pay in use on a smartphone

The pairing with one of the country's biggest bank and card issuers will give CurrentC a major boost in the market and should ensure Chase Pay is accepted at a large number of major retailers.

CurrentC is being developed by MCX (Merchant Customer Exchange), a consortium of some of the biggest retailers in the U.S., including Wal-Mart, Target, Shell, Exxon, CVS, Dunkin Donuts and Sears.

A big impetus behind its development was the desire of retailers to prevent companies like Apple and Google from gaining an insight into their businesses and the purchases of customers. For retailers, CurrentC also offers no transaction fees.

But while trials of the technology are ongoing, CurrentC has yet to launch -- something that will need to happen before Chase Pay can get off the ground.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Martyn Williams

IDG News Service
Show Comments

Essentials

James Cook University - Master of Data Science Online Course

Learn more >

Mobile

Exec

Budget

Back To Business Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?