JPMorgan closes Chase Pay app for in-store purchases, as most Americans ignore mobile pay
JPMorgan Chase has decided to shut down its mobile payment app.
The Chase Pay app -- which the bank started back in 2015 to compete with Apple Pay -- will be unavailable starting early next year, according to a Wednesday press release.
However, customers will be able to use Chase Pay online and through the apps of some retailers, including food delivery company GrubHub.
The bank will be working to add even more merchants to the list of those that accept Chase Pay.
“We continue to focus on our customers and they are using the Chase Pay button on merchant websites and in merchant apps, and now their tap-to-pay Chase cards more than ever,” Eric Connolly, head of Chase Pay said in a statement. “So, we’re shifting our focus to expand Chase Pay’s presence in more merchant apps and websites.”
“This will make it quick and easy for Chase’s 51 million digitally active customers to use their Chase-issued Visa debit and credit cards at more places. They already are using Chase Pay on websites and in merchant apps such as Starbucks, Shell, United and Atom Tickets. They can also link Chase Pay to their PayPal account to shop at millions of places online," Connolly added.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 181.25 | +1.17 | +0.65% |
| AAPL | APPLE INC. | 167.04 | -0.96 | -0.57% |
The decision to shut down the Chase Pay app comes months after the bank decided to end its “Finn” app, which was launched last year to appeal to young adults, even if they didn’t have access to a branch.
At the time, Chase told FOX Business in a statement: “We learned a lot with Finn, especially about the power of the Chase brand and what customers want from the Chase mobile app, both in markets where we have a retail footprint and where we don’t. We know the Chase brand is already among the most popular banks for millennials, so we’re leaning in on that, rather than continuing to build a brand from scratch.”
Chase said it decided to take some popular features from Finn and integrate it into its regular mobile app.
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Contactless payment hasn’t been all that popular with Americans, according to a recent CreditCard.com survey.
In fact, only about 39 percent of people who were polled have used mobile payments and only 14 percent have used contactless cards, the survey found.
FOX Business’ Kathleen Joyce contributed to this report.