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JPMorgan to shutter Chase Pay at the end of March

Ethan Wolff-Mann
·Senior Writer
·2 min read
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JPMorgan (JPM) will be shuttering its Chase Pay method of payment for apps and websites on March 31, according to a note on the bank's website.

According to Chase’s complete list of retailers accepting the payment method, only customers of Shell, Starbucks, and Walmart will be affected.

“As technology has evolved, so has our strategy for integration at the merchant point of sale. We are incorporating the most popular features directly into the Chase mobile app and chase.com, including receipt capture, direct provisioning of Chase cards to partner wallets, Pay with Points and Chase Offers,” a spokesperson told Yahoo Finance. “In addition, we are working closely with our merchant clients on ways to integrate our digital experiences within their own respective sites.”

The Chase website tells Chase Pay users: "You can always add your Chase cards individually to your favorite shopping sites and apps.

As Chases discontinues its service, it is pushing users toward PayPal. “In preparation for Chase Pay no longer being available for use in PayPal, learn how to add your Chase cards directly to your PayPal account,” the Chase website reads.

A Chase ATM is open, Wednesday, Jan. 13, 2021 in New York.  JPMorgan Chase & Co., the nation’s largest bank by assets, said its fourth quarter profits jumped by 42% from a year earlier, as the firm’s investment bank division had a stellar quarter and the bank’s balance sheet improved despite the pandemic.  (AP Photo/Mark Lennihan)
A Chase ATM is open, Wednesday, Jan. 13, 2021 in New York. JPMorgan Chase & Co., the nation’s largest bank by assets, said its fourth quarter profits jumped by 42% from a year earlier, as the firm’s investment bank division had a stellar quarter and the bank’s balance sheet improved despite the pandemic. (AP Photo/Mark Lennihan)

JPMorgan has been phasing out Chase Pay for over a year, first with its Apple Pay-like mobile app in February 2020 and now the payment method itself.

Also, like other banks, it has migrated its proprietary systems for peer-to-peer payments to Zelle, a network that many banks participate in that offers friends and family an easy way to send money, widely seen as a response to Venmo.

The bank has had a partnership with PayPal since 2017, where Chase’s cards were integrated “seamlessly” with PayPal’s interface, also allowing for the bank’s “Ultimate Rewards” points to be used instead of currency.

The discontinuation of Chase Pay marks somewhat of an end to banks trying to establish new payment methods, as Apple, PayPal, Google, and Samsung have taken the bulk of market share for mobile payment. On the peer-to-peer front, banks have only been competitive through the Zelle collaboration, competing with PayPal, Venmo (owned by PayPal), and Square.

Ethan Wolff-Mann is a writer at Yahoo Finance focusing on consumer issues, personal finance, retail, airlines, and more. Follow him on Twitter @ewolffmann.