JPMorgan Chase to Acquire MCX “FinTech” Payments Technology for Chase Pay
March 10 2017 - 4:04PM
Business Wire
JPMorgan Chase (NYSE:JPM) has agreed to acquire MCX’s payments
technology to help expand Chase Pay, the mobile and digital wallet
for Chase customers. MCX, a network of America’s largest merchants,
was the premier launch partner for Chase Pay in October 2015. The
transaction is expected to close in the coming weeks.
MCX’s members were already connected to MCX payments technology,
which made it seamless to connect to Chase Pay. Chase executives
wanted to acquire the technology to use in lieu of building
separate parallel technology to serve non-MCX members.
“When we think about ‘fintech,’ we go through a
‘build/buy/partner’ evaluation to decide how we can get to market
most efficiently,” said Jennifer Roberts, head of Chase Pay. “MCX
has been an important partner, and their technology complements
ours, so we’re thrilled to deepen our relationships with the
merchant community through the purchase of this technology. This
will help us get to market faster.”
Chase Pay launched in November 2016 with a handful of initial
merchants, including Best Buy. Other MCX merchants such as Walmart,
Shell, Phillips 66, and Wakefern will enable Chase Pay as a payment
option over the next year or more.
“Consistent with our mission to provide secure, consumer
friendly, and cost effective mobile payment solutions to the
marketplace, MCX took advantage of this opportunity to have the
solution expanded to the broader merchant community”, said Brian
Mooney, CEO of MCX.
This is the second “fintech” announcement for Chase Pay in
recent months. In December, Chase announced an investment in
LevelUp to bring the ‘order ahead, pay ahead’ experience to
customers at thousands of quick service restaurants.
The Chase Pay app is available on the App Store and Google
PlayTM. For more information, visit Chasepay.com.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.5 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
credit cards, mortgages, auto financing, investment advice, small
business loans and payment processing. Customers can choose how and
where they want to bank: 5,300 branches, 16,000 ATMs, mobile,
online and by phone. For more information, go to Chase.com.
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JPMorgan ChaseMaribel Ferrer, Maribel.ferrer@chase.com
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