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Customers will have to wait a little while longer to use Chase Pay.
JPMorgan Chase’s proprietary mobile wallet will now launch in the fourth quarter of this year, Chase Commerce Solutions head of global e-commerce and large omnichannel solutions Kim Fitzsimmons said at the Shoptalk retail trade show, according to Digital Transactions News. This is several months later than the original launch timeframe of mid-2016.
Chase has already teamed with Starbucks to insert its mobile wallet right into the Starbucks app. And the financial company reportedly continues to sign merchants onto Chase Pay as it prepares to roll out the app by the end of 2016.
Consumers will likely adopt the mobile wallet in droves when it debuts because Chase is providing incentives for merchants to accept Chase Pay by offering them lower transaction fees on Chase Pay purchases compared to other payment methods.
The arrival of Chase Pay could be another milestone in the incredible evolution of the payments ecosystem. The flood of mobile wallets on the market (Apple Pay, Samsung Pay, Android Pay, Walmart Pay, etc.) have changed the way we pay for goods, and these wallets are just one piece of the puzzle.
Evan Bakker and John Heggestuen, analysts at BI Intelligence, Business Insider’s premium research service, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
- 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
- Payments is an extremely complex industry. To understand the next big digital opportunity lies, it’s critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
- Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
- Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
- Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
- Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
- Provides charts on our latest forecasts, key company growth, survey results, and more.
- Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
- Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
- Purchase the report and download it immediately from our research store. >> BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
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