JPMorgan Plans to Shut down Chase Pay App in 2020
JPMorgan Chase plans to shut down their mobile wallet app in early 2020. The bank has already begun notifying customers of the changes.
The company is not shutting down Chase Pay entirely. Instead, they are turning their attention to the web version of the service. Eric Connolly, head of Chase Pay, said, “We see our biggest opportunity in working with merchants to provide easy payment solutions for customers through the Chase Pay button online and directly in merchant apps.”
Simply put, JPMorgan wants Chase Pay to function more like PayPal and less like Apple Pay. When the bank first launched Chase Pay in 2015, it was meant to be a competitor to Apple Pay and Samsung Pay. However, limited adoption has forced the bank to take a different approach to digital wallets.
Chase Pay will still operate as a middleman for payment processing online. The only difference is that users will not be able to pay with their Chase Pay app at a physical register.
Last year, the bank updated its mobile wallet so users could link Chase Pay with Samsung Pay. This allowed cardholders to simultaneously earn Samsung Rewards and Chase Ultimate Rewards on applicable cards. There is no information yet to indicate if that service will continue after the app shuts down.