Chase announces its QR code-based Apple Pay competitor w/ CurrentC
Yet another bank has announced today that it is launching its own mobile payment solution. At the Money20/20 conference in Las Vegas today, Chase announced that it is launching Chase Pay. Chase Pay is digital wallet solution similar to Apple Pay that allows users to pay with their phones at retail locations and online (via Re/code).
There’s one notable difference between Chase Pay and Apple Pay. Chase’s offering works by giving shoppers a QR code to show to their cashier, while Apple Pay works by using NFC technology to tap and pay. Another example Chase showed is paying for a dinner by taking a photo of the bill.
To get Chase Pay into more retail stores, the company will be partnering with MCX, the consortium that has recently faced more than its fair share of struggles thanks to increasing competition from Apple Pay. In some MCX stores, Chase Pay users will be able to show that QR code to pay, while in others they will be forced to use Chase Pay within MCX’s CurrentC app on their phones.
Chase’s QR code solution is an interesting idea that certainly sets it apart from the competition. But given that Chase credit and debit cards are supported by Apple Pay, it seems like a steep task for the bank to be able to convince users to use its solution versus Apple’s, which is built-in to the operating system and included in the set-up process through which every iOS user goes.
Chase Pay is slated to launch in “about the middle of 2016,” the company said.