JPMorgan Chase & Co will discontinue its Chase Pay digital wallet at the end of the month, according to a notice on the bank’s website.
The option to pay through Chase Pay will be removed from all merchant apps and websites, the notice said, adding that customers could instead link their Chase credit cards to their preferred shopping sites or apps and to PayPal accounts.
In an effort to expand the digital wallet’s reach, JPMorgan had partnered with payments processor PayPal Holdings Inc in 2017, which allowed users to link their Chase Pay and PayPal accounts and use reward points to make purchases.
A bank spokesman said the bank has incorporated some of Chase Pay’s more popular features, like receipt capture, Pay with Points and others, into the bank’s mobile app and website.
The hype train for buy now, pay later (BNPL) continues to pick up steam as consumers seek shopping alternatives during the pandemic – could this emerging payment option be a credit card killer?
While flexible payments are something that all generations can get behind, younger consumers in particular are drawn toward simple payment processes and behavioral shifts away from traditional credit cards.
As a way to better understand usage, experiences, and trust surrounding BNPL, The Strawhecker Group (TSG) surveyed over 1,500 U.S. consumers in February. Check out some highlights below and download the infographic to get a better understanding of why consumers are choosing BNPL.