NEW YORK -- Chase has announced Chase Pay, a payments experience for in-store, in-app and online purchases. Merchant Customer Exchange LLC (MCX)--which includes convenience-store retailers 76, 7-Eleven, Alon, Circle K, Conoco, ExxonMobil, GetGo, Kum & Go, My Goods Market, Phillips 66, QuikTrip, RaceTrac, Sheetz, Shell, Sunoco and Wawa--will be Chase Pay’s premier partner.
Chase Pay will be available in mid-2016 to Chase’s customers across its 94 million credit, debit and prepaid card accounts.
Chase Pay’s premier partner is MCX, with merchants that collectively represent more than 100,000 retail locations. Chase Pay will be progressively rolled out at these merchants who are accepting CurrentC starting in mid-2016. Chase customers will be able to use Chase Pay wherever CurrentC is accepted, either directly or through the CurrentC app.
“Our partnership links Chase and its customer base with CurrentC’s extensive network of leading retailers, restaurants, grocery stores and fueling stations, which process over a trillion dollars in transactions annually at more than 100,000 U.S. locations,” said Brian Mooney, CEO of MCX. “This is a significant milestone, not just for MCX and Chase, but for mobile payments overall as the industry continues to take shape. Everywhere CurrentC is accepted, Chase Pay will be accepted.”
Chase is also partnering with 17 technology vendors so that merchants who are not Chase Commerce Solutions clients can also participate in Chase Pay.
“Chase Pay solves a number of pain points for consumers and merchants. It will improve the customer experience and drive down the cost of payments,” said Gordon Smith, CEO of consumer and community banking at JPMorgan Chase & Co.
Chase Pay addresses some of merchants’ biggest challenges, including cost of payment, merchant fraud liability and speed of checkout. It uses technology that many merchants already have--the same technology used to scan gift cards.
Chase Pay will be able to connect a merchant’s loyalty program directly into the payment experience, without coupons or key fobs.
Chase has a complete payments system and can work directly with merchants to drive down the cost of accepting payments through fixed pricing, no additional fees, no network fees, no merchant processing fees and no merchant fraud liability.
Chase Pay’s premier partner is MCX, with merchants that collectively represent more than 100,000 retail locations. Chase Pay will be progressively rolled out at these merchants who are accepting CurrentC starting in mid-2016. Chase customers will be able to use Chase Pay wherever CurrentC is accepted – either directly, or through the CurrentC app. Chase is also partnering with 17 technology vendors so that merchants who are not Chase Commerce Solutions clients can also participate in Chase Pay.
Boston-based MCX is building CurrentC, a customer-focused and security-driven mobile commerce solution that will deliver a seamless and convenient payment and shopping experience for customers and merchants. MCX’s owner-members include leaders in the big-box, convenience, pharmacy, fuel, grocery, quick- and full-service dining, specialty-retail and travel categories.
Major non-convenience-store and gas-station retailers behind MCX include Walmart, Sam's Club, Best Buy, Target, CVS, Rite Aid, Meijer, Michael's and Wendy's, among others.
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