Finextra News: Chase Pay bows to the inevitable; hops into bed with Samsung Pay30th July 2018
Chase is bidding to give its under-appreciated proprietary mobile payments app Chase Pay a shot in the arm by linking up with Samsung Pay.
Under the deal, Chase customers will be able to use Samsung Pay’s Magnetic Secure Transmission (MST) technology, along with NFC, to pay with the Chase Pay app by simply tapping the payment terminal. As an added incentive, consumers that link Chase Pay to Samsung Pay will be able to earn both Samsung Rewards points and for eligible Chase cards, Chase Ultimate Rewards points, for the purchases they make.
In teaming up with Samsung Pay Chase is bowing to the inevitable, having spent over $100 million on its investment in its own QR-code based app (inherited from failed retailer programme Current-C) for a minimal return, as consumers opt for more popular tap-to-pay wallets.
And while Chase has been steadily building a network of retailers capable of accepting Chase Pay, it coud never hope hope to match the reach of Samsung Pay, which is accepted at nearly all point-of-sale terminals in the US.
Jennifer Roberts, head of Chase Pay, says: “Now our customers can use the Chase Pay app at millions of merchants around the country. And Chase Ultimate Rewards customers can redeem their points more easily.”