Chase pay wallet shut down

Posted by Host Merchant Services on June 25th, 2022

Chase Pay mobile wallet provides versatile payment solutions such as users can pay for food at the time they order through the Chase Pay app. Despite providing such advantages to users it delivered minimal returns in revenue so eventually, Chase Pay was discontinued in some of its limited areas which then led to its overall closure in 2021.

Chase Pay Official Launch

Chase Pay was officially launched in November, 2016. A limited number of online businesses registered Chase Pay as their payment option at checkouts and Chase Pay was also accepted at Shell gas stations. Chase Pay has been striving to get businesses to accept their Chase digital wallet.

Possible Causes of Discontinuation

Chase Pay digital wallets system was discontinued by JP Morgan in 2021. The option to transact using Chase digital wallet will be eliminated from all merchant services (smb merchant services) and participating websites as confirmed by the source. The bank provided significant reasons behind this closure. These reasons include:

• The bank implemented the discontinuation of the product after the acceptance rate was too low and because merchants didn’t accept this payment method at a quicker pace.
• A vast majority of retailers preferred other reliable online payment solutions for customers to pay for purchased goods.