Quote from Ndubuisi Ekekwe on August 27, 2019, 10:17 PM

There are just things banks cannot do because of cost model. J.P. Morgan Chase is killing Chase Pay, its mobile payment app. Big banks struggle because fintechs have better cost model with lesser regulation (they do not hold customer deposits) and ability to use cheaper labour!

J.P. Morgan Chase customers will no longer be able to pay with their phones in stores beginning next year.

The bank said it plans to shut down its Chase Pay app in early 2020. The mobile payment app was launched in 2015 just as Apple Pay was gaining popularity.

“The change we are announcing is one that is intended to focus our efforts where we see consumer behavior trending and merchants investing,” Eric Connolly, head of Chase Pay, said in an email. “We see our biggest opportunity in working with merchants to provide easy payment solutions for customers through the Chase Pay button online and directly in merchant apps, which has seen double-digit growth for the last three years.”