Chase Pay Is The Latest Mobile Wallet Solution, Will It Be A Hit Or A Miss?
You may have heard that JPMorgan Chase has recently released a new mobile wallet solution called Chase Pay. With nearly 94 million card-carrying customers, Chase doesn’t want to diminish relationships with customers; however, to improve adoption they have to address the same hurdles that Apple Pay and Android Pay experienced.
As indicated in “Chase Pay: Mobile Wallet Game Changer? Or The Next Big Flop?,” posted by Chris Murray on TheFinancialBrand.com, while novel, the mobile wallet doesn’t really solve any big problem – it’s not difficult to remove a credit card from a traditional wallet. However, Chase Pay is catering to both sides of the fence – the customers and the merchants. As Murray indicates, Chase Pay will integrate loyalty and reward programs into the use of their mobile app which is an incentive for card-carrying customers to try the app. Chase is also offering merchants an incentive by reducing the cost for using Chase Pay versus the traditional credit card swipe. Partnering with the Merchant Customer Exchange (MCX) is another powerful way to launch this new service. The MCX is used by major retailers including Walmart, Target, and Best Buy which means Chase Pay users can shop at 100,000 locations right from the start.
Although Chase Pay is available on any smartphone, including both Apple and Android devices, it is still an app. Users will have to unlock their phone and open the app, which then generates a QR code to be scanned by the point-of-sale device. Apple and Android Pay each offer an easier user interface than the Chase Pay app; however, even with that, only 17% of Apple Pay users have ever tried the service.
Chase has taken an interesting approach to offering a service that may or may not take off. To improve your odds before investing in a new service that may take time for customers to fully embrace, listen to what they are asking for. A customer relationship management (CRM) solution can provide the information you need to develop a product or service that customers will want to use. Contact AKA Enterprise Solutions to learn more about using CRM to make sure your new products are a hit, not a miss.