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JPMorgan (JPM) Decides to Discontinue Chase Pay Digital Wallet

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JPMorgan (JPM - Free Report) has decided to discontinue its digital wallet, Chase Pay, at the end of this month, per a notice on the bank’s website. According to the notice, the option to pay through Chase Pay will be removed from all apps and websites starting Mar 31, 2021.

A spokesperson for JPMorgan stated, “As technology has evolved, so has our strategy for integration at the merchant point of sale. We are incorporating the most popular features directly into the Chase mobile app and, including receipt capture, direct provisioning of Chase cards to partner wallets, Pay with Points and Chase Offers. In addition, we are working closely with our merchant clients on ways to integrate our digital experiences within their own respective sites.”

Customers who were using the Chase Pay method of payment can now link their Chase credit cards to their favorite or preferred shopping sites and apps or their PayPal accounts.

The company’s website states, “In preparation for Chase Pay no longer being available for use in PayPal, learn how to add your Chase cards directly to your PayPal account.”

Notably, JPMorgan partnered with payments processor PayPal in 2017 as part of an effort to expand its digital wallet’s reach. Its Chase cards had been integrated with PayPal’s interface, which allowed for JPMorgan’s “Ultimate Rewards” points to be used instead of currency.

The Wall Street biggie has been working on gradually shutting its Chase Pay digital wallet for more than a year now. In February 2020, it discontinued the Apple Pay-like mobile app and now it has decided to shut the entire payment method.

In fact, now, as Apple, PayPal, Google and others have conquered most of the market for mobile payments, banks are no longer trying to launch new payment methods.

Over the past six months, shares of JPMorgan have gained 50.2% compared with 49.6% growth recorded by the industry.

Currently, the company carries a Zacks Rank #3 (Hold).

A few better-ranked stocks from the finance space are mentioned below.

SVB Financial Group (SIVB - Free Report) has witnessed an upward earnings estimate revision of 2.9% for 2021 over the past 30 days. Its shares have gained 104.4% over the past six months. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Blackstone Group Inc.’s (BX - Free Report) 2021 earnings estimates have been stable over the past 30 days. The company’s shares have gained 34.7% over the past six months. At present, it carries a Zacks Rank #2 (Buy).

The Goldman Sachs Group, Inc. (GS - Free Report) has witnessed an upward earnings estimate revision of 2.9% for the current year over the past 30 days. It currently carries a Zacks Rank of 2. The stock has gained 64.5% over the past six months.

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