Starbucks, Best Buy, and other retailers are among first adopters of the payment platform.
The Chase Pay digital wallet service is now available for use in more than 7,500 Starbucks locations across the U.S. as well as almost 1,400 Best Buy stores, with ShopRite, The Fresh Grocer, Shell, Phillips 66 and Conoco and other retailers expected to adopt the platform in the near future, according to Chase Financial Services.
“Chase Pay is special because it’s the first digital payments solution that benefits both consumers and merchants,” said Jennifer Roberts, president of strategic alliances and loyalty solutions for Chase. “By focusing on merchant needs first – lower cost, zero fraud liability – we’ve got a real opportunity to break through the mobile payments noise.”
Chase customers can download the Chase Pay mobile application from the App Store or Google Play Store, and use it with the same user ID and password information they use on Chase.com. Chase Visa customers will find their cards loaded within the app; MasterCard is not yet supported.
The Chase Pay app allows users to pay with a mobile phone using QR codes at participating stores; reload their Starbucks Card in the Starbucks mobile app for iPhone or online at Starbucks.com (Android functionality is coming soon); check their Chase account balances and available credit; and view transactions from the past 90 days.
There is no charge to use Chase Pay, and all purchases made with Chase Pay earn the same rewards as swiping or using cards online.
Chase added that running the system on its closed-loop ChaseNet platform means the company can offer the payment format to merchants at lower cost, complete with security features such as payment tokenization.
Earlier this month, Fortune reported that J. P. Morgan also set up Chase Pay at Walmart, both on the retailer’s website and in the Walmart Pay app, as a way to encourage customers to make holiday purchases without cash.
Kevin Watters, chief executive officer for cards at J.P. Morgan, said at a conference, “We want our card to be wherever our consumers want their card to be,” ensuring that its Chase cards are an option for customers who want to make digital payments.
The Chase Pay app works at more than 7,500 participating Starbucks locations and nearly 1,400 Best Buy Stores.
