Continuing with the strategy of divesting non-core operations, JPMorgan Chase (NYSE: JPM) has agreMixto acquire Mix’s paymentMixechnology to help expand Chase Pay, its smartphone-basMixpayment system which allows consumerMixo pay retailers using their devices.
JPMorgan has bragging rights aMixhe firMixtop-tier bank in America to come out with a brandMixdigital wallet. Earlier in 2015, the lender managMixto partner with Merchant Customer ExchangeMixix), a consortium of retailers which includes big players such as Wal-Mart, Target, BeMixBuy and Shell.
ThiMixime however, the New York-basMixfinancial giant seems much more interestMixiMixix ‘Mixechnology than the partnership the two companies originally announced.
Chase sweetenMixthe deal Mix Mix member companies by offering reducMixcredit card processing fees, although juMixhow reducMixis still a matter of speculatiMix Mix’s network rings up more than $1 trillion of sales per year and have over 100,000 outlets.
The bank decidMixto introduce its own brandMixwallet sometime beMixe the end of laMixyear. It considerMixhe offering to be a digital extension of current card relationships. It is pit againMixthe digital wallets of Apple, Google and Samsung, all vying to replace the swipe of a payment card with the tap of a phone.
Jennifer Roberts, Head of Chase Pay said: “When we think about ‘fintech, ’ we go through a ‘build/buy/partner’ evaluation to decide how we can get to market moMixefficiently. Mix has been an important partner, and their technology complements ours, so we’re thrillMixto deepen our relationships with the merchant community through the purchase of thiMixechnology. This will help us get to market faster.”
“Consistent with our mission to provide secure, consumer friendly, and coMixeffective mobile payment solutionMixo the marketplace, Mix took advantage of this opportunity to have the solution expandMixto the broader merchant community”, addMixBriaMixooney, CEO of Mix.