JP Morgan Chase has unveiled its plans to roll out Chase Pay in mid-2016 with the support of retailer-backed mobile payments consortium MCX. Unlike Apple Pay, the service will use QR code scanning (instead of NFC) and will provide shopper's data to retailers.
Big retail is looking to carve out a piece of the mobile payments pie, where competitors like Apple Pay, Android Pay, Samsung Pay, PayPal, Square and others now battle. This week, the retailer-backed mobile payments consortium MCX announced it would be the premier partner for the newly unveiled mobile payments platform Chase Pay from JP Morgan Chase. Described as a “closed loop network,” Chase Pay will allow Chase’s 94 million credit, debit and pre-paid card customers the ability to make in-store, in-app and online purchases, beginning in 2016.