August 21, 2019Blog Posts

JP Morgan to scrap digital wallet app Chase Pay

CNBC

J.P. Morgan Chase customers will no longer be able to pay with their phones in stores beginning next year. The bank said it plans to shut down its Chase Pay app in early 2020. The mobile payment app was launched in 2015 just as Apple Pay was gaining popularity.

“The change we are announcing is one that is intended to focus our efforts where we see consumer behavior trending and merchants investing,” Eric Connolly, head of Chase Pay, said in an email. “We see our biggest opportunity in working with merchants to provide easy payment solutions for customers through the Chase Pay button online and directly in merchant apps, which has seen double-digit growth for the last three years.”

The bank announced that it plans to add more retailers that accept Chase Pay through merchant apps including food ordering company Grubhub.

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