Chase injected new iife into MCX and CurrentC with the launch of
Chase Pay. MCX – which includes retailers such as Walmart, Target, Best Buy and Shell – will be Chase Pay’s premier partner.
Chase Pay will be available in mid-2016 to Chase’s customers across its 94 million credit, debit and pre-paid card accounts.
Chase Pay’s premier partner is MCX, with merchants that collectively represent over 100,000 retail locations. Chase Pay will be progressively rolled out at these merchants who are accepting CurrentC starting in mid-2016. Chase customers will be able to use Chase Pay wherever CurrentC is accepted – either directly, or through the CurrentC app. Chase is also partnering with 17 technology vendors so that merchants who are not Chase Commerce Solutions clients can also participate in Chase Pay.
What Chase Pay does for merchants
• Chase Pay addresses some of merchants’ biggest challenges – cost of payment, merchant fraud liability and speed of checkout
• It uses easy-to-implement technology that many merchants already have – the same technology used to scan gift cards
• Chase Pay will be able to connect a merchant’s loyalty program directly into the payment experience
• Chase has a complete payments system and can work directly with merchants to drive down the cost of accepting payments through:
◦ Fixed pricing
◦ No additional fees
◦ $0 Network Fees
◦ $0 Merchant Processing Fees
◦ $0 Merchant Fraud Liability
What Chase Pay does for consumers
• Chase Pay is secure – it uses tokenization technology in store, in-app, and online
• Merchant loyalty programs will be available directly in the Chase Pay experience – no more fumbling for coupons or key fobs
• Chase Pay will work on virtually all smartphones
• Consumers will be able to pay with smartphones at places like gas stations or drive through windows
• Chase Pay will improve online and in app payments, so consumers who enroll in Chase Pay can checkout with just one click
• In certain locations, like restaurants, consumers will be able to use their smartphone to take a picture of a receipt and pay with Chase Pay
• In stores that accept Chase Pay, consumers will be able to use their mobile device to pay at the register
Chase has relationships with consumers and merchants
• One out of every two households in the U.S. is a Chase customer
• Chase customers have 94 million credit, debit and pre-paid card accounts
• Chase is #1 in total U.S. credit and debit payment volume, with $707 billion in total sales in 2014
• Chase debit and credit card holders complete 34 million transactions a day, on average
• Chase’s digital and mobile channels have more than 16 million log ins each day, on average
• Chase Commerce Solutions is the #1 wholly-owned merchant acquirer
• Chase has the ability to connect directly with merchants for debit and credit customers
For data, background and forecasts on Chase or MCX: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).