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J.P. Morgan to update Chase Pay

J.P. MorganChase is working to modernize its payment product Chase Pay. The bank wants to make the product compete more directly with similar products such as Apple Pay and PayPal. The updated Chase Pay, which is expected in 2016, will make it easier for its 94 million credit, debit and prepaid cardholders to buy goods and services through retailers’ websites, mobile apps and physical stores. With the changes, J.P. Morgan customers will see the Chase logo pop up on online merchants’ apps or their sites. Currently, Apple Pay and PayPal are providing such options. J.P. Morgan consumer and community banking head Gordon Smith said, the bank, which announced a broad initiative around Chase Pay two years ago, has spent the last nine months building the technology in-house with an initial 250 employees across technology, design, business, analytics and research. J.P Morgan Chase is also hoping to drive more users to Chase Pay by giving merchants the option of integrating their loyalty programs with the bank’s apps.

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