Chase Expands Mobile P2P Payments
Chase has expanded its P2P QuickPay service, so its customers can send and receive money in real time with one another as well as customers of Bank of America and U.S. Bank.
“Consumers expect immediate action in our real-time world. That’s why we’re making this faster service available for our customers,” said Barry Sommers, CEO of consumer banking at Chase.
Later this month, customers with smartphones can use the Chase mobile app to enroll in QuickPay and add payment recipients from their contact lists.
In 2015, QuickPay users sent $20 billion in P2P transactions. Real-time transactions are powered by the clearXchange network from Early Warning, a bank-owned risk management service, which Chase said reaches up to 65 percent of the digital banking population in the U.S. Other bank members of that network include Wells Fargo, First Bank and Capital One.
The improvements to QuickPay come amid new findings from Chase that show 51 percent of consumers use mobile banking apps at work, 35 percent check banking apps during work breaks, and 31 percent do so while eating at restaurants. The findings were based on a U.S. survey of 1,500 adults in April. A further 48 percent of respondents said they prefer to pay with their phones instead of cash or payment cards, and that 46 percent plan to use their mobile phones for more payments within the next five years.
That’s good news for QuickPay and the bank’s separate Chase Pay mobile wallet. Earlier this year, Chase struck a deal with Starbucks to accept Chase Pay for purchases at its more than 7,500 U.S. locations and will integrate Chase Pay as a funding source for the prepaid card stored in its Starbucks mobile app. New deals will involve retailers where “people go habitually,” Kim Fitzsimmons, head of global e-commerce and large omnichannel commerce solutions for Chase Commerce Solutions, said earlier this year at the Shoptalk conference, noting that Chase Pay would officially launch in the fourth quarter.
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