Date: Tuesday, October 27th, 2015, 08:31
Category: Finance, iOS, News, retail, Software
There’s always money to be made in the payment service industry.
A new report has announced that Chase Chase CEO of Consumer and Community Banking, Gordon Smith, who announced “Chase Pay” at the Money20/20 payments conference in Las Vegas.
The Chase Pay service will work via QR code instead of over NFC, allowing customers to make purchases with their smartphones by showing a QR code to a cashier. The method is similar to MCX Consortium’s upcoming CurrentC platform, with whom Chase is partnering for its payments service.
The MCX Consortium, which promotes the QR-based CurrentC app and payments service, consists of collection of merchants like Walmart, Target, Sunoco, Kohl’s, Best Buy, Rite Aid, CVS, Lowe’s, Sears, Shell, Michaels, 7-Eleven, and more. Once available, CurrentC will be available as a payment option in all of these retail locations, as will Chase Pay.
Payment methods under the CurrentC system can vary, as some of the locations will have customers pay via showing a QR code within the Chase Pay app. In others, Chase customers will have to use Chase Pay inside MCX’s own CurrentC app. It’s not clear which of the MCX member retailers will support which method.
CurrentC and Chase Pay are both slated to launch in 2016.
Stay tuned for additional details as they become available.