Mobile payments have become more secure and easy to use than ever before, thanks to advancements made in mobile payment technologies. One well-known mobile payment service is Apple (News - Alert) Pay. Developed by Apple Inc, this digital wallet allows users to make payments right from their iPhones. It can be used for both retail and online purchases, so users no longer have to carry a wallet. This payment system uses contactless payment technology, so users can make hassle-free payments.
Apple Pay comes with many unique features that are likely to benefit users in a big way. To leverage this power of Apple Pay, JPMorgan Chase has entered into an agreement that will allow Chase cardholders to make payments through Apple Pay with selected merchants. When Chase customers add their cards to Apple Pay, their card numbers will not be stored. Rather, a unique number is generated and stored for each card. This security mechanism can make a big difference in the wake of security breaches happening to companies all over the U.S.
As for these merchants who have agreed to accept Chase cards, the integration of Apple Pay to their apps is easy, thanks to the Chase Software Development Kit (SDK). Moreover, Apple Pay's easy mobile payment combined with the wide reach of Chase' customers mean that merchants can expect more business from a larger group of customers.
For these reasons, the partnership between Chase and Apple Pay is likely to result in a win-win situation for everyone involved.
However, some reports show that JPMorgan Chase is also looking to create its own mobile payment solution, besides backing Apple Pay. Its proprietary Chase Pay and Quick Checkout are likely to have seamless capabilities.
The next few months are sure to be an interesting time for mobile payment systems.
Edited by Maurice Nagle
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