March 13 – JPMorgan Chase has agreed to acquire MCX’s payments technology to help expand Chase Pay, the mobile and digital wallet for Chase customers. MCX, a network of America’s largest merchants, was the premier launch partner for Chase Pay in October 2015. The transaction is expected to close in the coming weeks.
MCX’s members were already connected to MCX payments technology, which made it seamless to connect to Chase Pay. Chase executives wanted to acquire the technology to use in lieu of building separate parallel technology to serve non-MCX members.
“When we think about ‘fintech,’ we go through a ‘build/buy/partner’ evaluation to decide how we can get to market most efficiently,” said Jennifer Roberts, head of Chase Pay. “MCX has been an important partner, and their technology complements ours, so we’re thrilled to deepen our relationships with the merchant community through the purchase of this technology. This will help us get to market faster.”
Chase Pay launched in November 2016 with a handful of initial merchants, including Best Buy. Other MCX merchants such as Walmart, Shell, Phillips 66, and Wakefern will enable Chase Pay as a payment option over the next year or more.
“Consistent with our mission to provide secure, consumer friendly, and cost effective mobile payment solutions to the marketplace, MCX took advantage of this opportunity to have the solution expanded to the broader merchant community”, said Brian Mooney, CEO of MCX.
This is the second “fintech” announcement for Chase Pay in recent months. In December, Chase announced an investment in LevelUp to bring the ‘order ahead, pay ahead’ experience to customers at thousands of quick service restaurants.
The Chase Pay app is available on the App Store and Google PlayTM. For more information, visit Chasepay.com.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.5 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,300 branches, 16,000 ATMs, mobile, online and by phone. For more information, go to Chase.com.