| Developers: | JPMorgan Chase |
| Date of the premiere of the system: | 2015 |
| Branches: | Internet services, Financial services, investments and auditing |
2021: Closing the payment application
In mid-March 2021, a message appeared on the JPMorgan Chase & Co website that the American bank plans to close its Chase Pay application in late March. The Chase Pay service began its work in 2015, but could not withstand competition with Apple Pay, Reuters notes.
In an effort to expand the reach of the application, JPMorgan in 2017 entered into a partnership agreement with the PayPal payment system, which allowed users to link their Chase Pay and PayPal accounts and use bonus points to make purchases. However, as the head of Chase Pay Eric Connolly noted, since launch of service the payment space and client inquiries strongly changed. As a result, JP Morgan faced overwhelming competition from Apple. Apple Pay became the main application for 43% of iPhone users, and Chase Pay steadily lost popularity.
The representative of the bank said that some of the most popular functions of Chase Pay, for example, collection of receipts and payment with points, will be transferred to the mobile application and to the bank's website. The service will also be available for use on websites and applications that are linked to retailers participating in the JPMorgan partner program.
The notice says that the ability to pay through Chase Pay will be removed from all sales apps and websites, but customers can link their Chase credit cards to their favorite sites or shopping apps and PayPal accounts.
 | We work closely with our customers to integrate our digital services experience into partner sites, "said bank representative Pablo Rodriguez. The bank also announced that it plans to expand the number of retailers accepting Chase Pay through trading applications, including adding food ordering company Grubhub.[1] |  |
Notes
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