NEW YORKâIn the battle for digital wallet supremacy, one player is backing out.
JPMorgan Chase has decided to kill off its Chase Pay digital wallet technology, removing the payment method from all merchant apps and websites.
Chase Pay began life in 2015 as a QR-code based app that was inherited from failed retailer program Current-C. The bank saw the app as a tool to help it fight back against tech giants Apple, Google and Samsung in a crowded mobile money arena, FinExtra said.
However, despite a multi-year effort, involving north of $100 million in investment, the app delivered minimal returns.
At the time, JPMorgan Chase said it would instead focus on integrating the technology into the apps and websites of merchants such as Starbucks and Walmart, FinExtra noted.