In response to stiff competition from Google, Apple and Samsung, In 2015, Jpmorgan Chase launched its own stand-alone payment app, Chase Pay, with a cumulative investment of $100 million.
Last year, JPMorgan also allowed users to use Samsung Pay’s magnetic ally and NFC technology in the hope of attracting more users.
This week, however,Jpmorgan Chase announced that it would officially shut down Chase Pay early next year and integrate the technology into the apps and websites of its merchants.
Jpmorgan’s forays into digital banking and payments have not gone well. Jpmorgan Chase shut down its mobile banking app Finn in June. Finn, the app, was originally designed to target young millennials who use mobile phones to handle simple transactions for these young users and to handle more complex financial businessin in branches. From nationwide to shut down, it shut down the app just one year after its nationwide launch.
Jpmorgan Chase also ended its online small-business lending partnership with On Deck this year.
Jpmorgan faces overwhelming competition from Apple. Apple Pay has been adopted by 43 percent of iPhone users, according to estimates by Loup Ventures in February. This week, the tech giant also unveiled an iPhone -related credit Card, the Apple Card, in a partnership with Goldman Sachs, its latest move in payments.