Chase Ready to Compete in Digital Payments, CEO Says

canstockphoto36941905The digital payments space is crowded and competitive, but that doesn’t seem to concern JPMorgan Chase at all.

Quite the opposite: the bank’s Chief Executive Jamie Dimon said at a conference yesterday that Chase will be “very competitive” when it comes to online payments and mobile wallets.  

We need Chase to win this payment space. I love Chase payments app. They [the industry] are not as convinced that we’re going to be this big winner, because there’s going to be lots of people battling for the real estate on those pay buttons. But I want to be one of the winners on those pay buttons. That’s why we’re spending so much time, effort and money in doing it right now.

Dimon said he envisions customers using Chase Pay in different apps “all the time,” and specifically in the Starbucks app.  

At Starbucks alone, you’re talking about 100 million people walk through the stores. We’re going to be in that Starbucks wallet. So, you go online in Starbucks mobile log in the Starbucks app, you’re going to have Chase Pay. We’re populated and easy to use. You get rewards. You can even be able to use your Chase Rewards to buy a cup of coffee which we think is a huge benefit for lots of different people.

The bank is now working to make the Chase wallet “very very attractive to consumers,” Dimon said, at the same time developing new products for payments.

The Chase Pay mobile wallet is slated for a pilot launch this summer, with a full rollout later this year, bank’s spokesperson told Bank Innovation. 

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