JP Morgan closes Chase Pay service

JP Morgan closes Chase Pay service

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JP Morgan closes Chase Pay service

Starting next year, JP Morgan Chase customers will no longer be able to pay with their phones in stores.

American bank said it plans to close its Chase Pay app in early 2020.JP Morgan closes Chase Pay service Mobile payments app launched in 2015 as Apple Pay was gaining popularity.

It should be noted that Chase Pay will not completely cease to exist. The service will be available for use on websites and applications linked to participating retailers.

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

In an interview with The newswire, Chase Pay CEO Eric Connolly noted that Since the launch of the service, the payment space and customer requests have changed a lot. Many sellers have switched to «buy online, pick up at the store» and invested in their presence on the Internet and mobile applications.

JP Morgan faced overwhelming competition from Apple. Apple Pay was accepted by 43% of iPhone users. Not coping with competitive pressures, Chase Pay was losing popularity.

On top of that, this week, in partnership with Goldman Sachs, the tech giant launched the Apple Card, breaking into yet another payments segment..