JPMorgan Chase (JPM) has announced Chase Pay as a rival to Apple (AAPL) Pay.
Chase Pay is a new mobile payment service that will allow users to make payments with their smartphones instead of debit or credit cards. JPM is currently in talks with retail consortium MCX to have the service accepted at stores that are part of the group, reports Recode.
Here are a few things to know about Chase Pay, as collected from Recode.
- It will launch about halfway through 2016.
- The service will only allow users to link Chase cards to it.
- It uses QR codes instead of NFC technology for payments.
- Chase Pay will likely work on most Apple and Google (GOOG,GOOGL) Android devices.
- Transactions will occur on Chase’s network and won’t leave merchants liable for fraud.
To learn more about Chase Pay, click here.
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