Thursday, October 29, 2015
Samsung, Google And Apple To Face Competition From Chase Pay
Known as Chase Pay, this payment method will be based on CurrentC, which is a retailer-led mobile payment system. What's interesting is that the tech minds of the world have largely dismissed CurrentC for its reliance on barcodes as opposed to NFC (near-field communications) technology, which is seen as more sophisticated and which is also the technology that Apple, Google, and Samsung have all adopted.
The app displays a barcode on the customer's smartphone screen that the retailer then scans in order to complete the payment. In addition to that, there is also a version that works online. Sure the barcode method may not be super fancy and cool like the tap payment NFC system though it does mean that Chase Pay will be more compatible with a far larger number of smartphones. Users that have phones that are incompatible with other payment systems could discover that their phones work with Chase Pay just fine.
The Chase Pay platform will debut to Chase Bank's credit, debit, and pre-paid card account holders, which now number 94 million, and will also tie into any of their retailer loyalty cards. This pairing is really good for CurrentC as Chase is one of the largest bank and card issuers in the country. This will also ensure that CurrentC will see a huge boost in the market while also ensuring that Chase Pay is accepted at a large number of major retailers.
CurrentC is currently being developed by Merchant Customer Exchange (MCX), which is a consortium of some of the largest retailers in the United States, including Wal-Mart, Target, Shell, Exxon, CVS, Dunkin Donuts, and Sears. One of the major driving forces behind this development was the desire of retailers to prevent companies like Apple and Google from gaining a look at their businesses and the purchases of their customers. In addition to that, CurrentC also doesn't impose transaction fees.
CurrentC has yet to officially launch, which means that Chase Pay will be unable to launch until CurrentC does. Trials of the technology are currently taking place though that doesn't really offer a solid time frame on when this technology will get in the hands of consumers. The only date we have to go off of is one that JP Morgan Chase announced, which was mid-2016.
Content originally published here
Sharing this story on Social Media? Use these hashtags! #Smartphones #NFC #SmartphonePayments #ChaseBank #ChasePay #CurrentC