Chase, the US-based multinational bank has decided to upgrade its wallet payment app with the help of Samsung. Chase Bank customers who use the Chase pay wallet app has to use the QR scanning method to make in-store payment. This technology is much more troublesome compared to the latest methods like the tap-to-to pay and NFC in smartphones. Now, the bank has joined hands with Samsung to leverage the most convenient digital payment technology. Samsung Pay uses the Magnetic Secure Transmission (MST) along with Near-Field Communication for easier payment option.
Under this collaboration, the Chase Bank customers who are using the Samsung Galaxy smartphones can link their Chase payment app with Samsung Pay. With the linking of these two wallets, the Chase cardholders will be able to pay merchants using Samsung Pay across the US. The new payment method will be more convenient for the consumers as Samsung Pay is accepted at the most number of terminals in the country. Instead of scanning the app the customers just need to tap their phone at the terminal once they link both the payment wallets. The QR code scanning system used by Chase pay app is based on the CurrentC, which was shut down two years ago after merchants started preferring Apple Pay, Samsung Pay, and Android Pay for transactions.
The joined venture creates a once in a while opportunity for Samsung to reach the millions of users with its digital payment app. JPMorgan Chase bank owns around 51.1 million of deposit accounts in the US according to Federal Deposit Insurance Corp. Out of this count, almost 62% of the Chase customers are using the bank’s mobile app. This means two-thirds or 31.6 million of bank’s customers are the active app users, which is more than Bank of America that has 25.3 million active app users.
Besides, the consumers who link their Chase wallet app with Samsung Pay also will be able to benefit from both Samsung Pay and Chase Pay app for reward points that includes ultimate reward points. Moreover, the consumers will be able to redeem their earned points using the app’s ‘Pay with points’ option at the time of checkout at statement credit.
However, with the growing digital payment trend, most of the merchants are using their own payment app instead of any smartphone maker’s wallet. Starbuck is among such merchants having its own app for making the payment, and the drink service is expected to generate 40% of in-mobile purchase among its 55 million US consumers above 14 years this year.
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