- JPMorgan Chase & Co. announced it is shutting down the Chase Pay app. It will no longer work starting early next year.
JPMorgan Chase & Co. announced that it is shutting down the Chase Pay app. Earlier this week, the company informed customers that the service will no longer be supported for paying with their smartphones while shopping in stores, according to Bloomberg. The service will no longer work starting early next year, but users will still be able to use Chase Pay on the websites and apps of retailers that accept the service.
“When we started this, it was four years ago — the payment space has changed a lot over the period of time and customer behavior has changed,” said Chase Pay head Eric Connolly in an interview via Bloomberg. “A lot of merchants have shifted to ‘buy online, pick up in store’ and have invested in their online presence and their apps.”
The Chase Pay app was intended to compete against similar services offered by Apple and PayPal Holdings. And Bloomberg pointed out that JPMorgan spokesperson Pablo Rodriguez declined to reveal how many online retailers are currently accepting Chase Pay. However, Rodriguez said that this number is expected to increase with GrubHub joining soon.
The Chase Pay app is not the only digital product that the company shut down recently. In June, Chase shut down the Finn digital bank product. And last month, Chase ended its connection to On Deck — which is a platform used by businesses to originate loans.
Some of the other digital products that JPMorgan Chase is testing include a cryptocurrency called JPM Coin and the company is working with Cardlytics to set up coupons for merchants within its mobile app.
Plus Chase runs a product called You Invest, which makes it easier to manage Chase banking accounts and JPMorgan investments online. You Invest offers industry-low pricing so you have more money to invest in the market.
