NFC Times Exclusive Insight – LAS VEGAS, Nev.: In a surprise move, JPMorgan Chase, the largest U.S. credit and debit card issuer by payment volume, announced plans to launch its own wallet app–along with a low-cost mobile-payments service accepted by Wal-Mart Stores and other big U.S. merchants in the MCX merchant consortium.
Chase Pay will use QR codes, not NFC technology, for in-store payments at launch, which is planned for mid-2016. The service will also enable in-app and e-commerce purchases.
Chase will continue to participate in NFC-based mobile-payments services Apple Pay and, later, Samsung Pay and Android Pay. And the Chase Pay app could one day support NFC, a Chase source told NFC Times. Chase had earlier supported the Softcard wallet, before it closed down.