JPMorgan Chase has agreed to acquire MCX’s payments technology to help expand Chase Pay, the firm’s mobile and digital wallet solution.
MCX is a network of America’s largest merchants, and was the launch partner for Chase Pay in October 2015. MCX’s members were already connected to its payments technology.
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.
Jennifer Roberts, head of Chase Pay, said: “When we think about FinTech, we go through a ‘build/buy/partner’ evaluation to decide how we can get to market most efficiently. MCX has been an important partner, and their technology complements ours, so we are thrilled to deepen our relationships with the merchant community through the purchase of this technology. This will help us get to market faster.”
Brian Mooney, CEO of MCX, added: “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.”
This is the second FinTech investment 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 US restaurants.
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