In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Major retailers prefer Chase Pay because the technology it uses to connect with cash registers QR (quick read) scanning maybe more secure than Apple Pay’s NFC (near-field communications). Chase Pay also limits retailers’ liability because the transaction takes place in Chase’s system rather than the retailer’s. Apple Pay directly accesses the store’s systems, which is one reason why companies like Walmart are so leery of it.
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Starting in 2017 customers will be able to use Chase Pay at more than 5,000 Walmart and Sam’s Club Stores in the United States, a Chase press release indicates. Chase users that do not want to wait until then can use Chase Pay through Walmart’s, Walmart Pay app right now.
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If this trend progresses to its logical end bank tellers will disappear much like elevator operators did. It also raises a fascinating question: what will communities do with all those empty bank buildings?
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There is an interesting reason for the widespread acceptance of Apple Pay among U.S. banks and credit unions that many Americans do not realize. Your Uncle Sam is partially subsidizing Apple Pay; by underwriting its insurance costs, through the Federal Deposit Insurance Corporation or FDIC.
The FDIC provides $250,000 in deposit insurance for every depositor at most banks and credit unions. That means it; and not Apple or the bank, might be responsible for the losses that might be incurred if Apple Pay failed or got hacked.
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Interestingly enough the biggest threats to PayPal among these solutions; will be Chase Pay and Walmart Pay. Apple Pay is not a direct threat to PayPal, because it is a niche product that major retailers are refusing to use. That might change this fall; if reports Apple is planning to offer online payment via Apple Pay for the holiday season are true.
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There is an interesting black; or rather grey, swan threat to Chase’s future in the form of Glass-Steagall. Glass-Steagall was the Depression era law that forcibly separated investment and consumer banks for 60 years. Its repeal was one the hallmarks of Bill Clinton’s 1990s financial reforms.
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The real conflict in brick and mortar app payment is that there are two very different technologies in widespread use. This makes systems incompatible and effectively drives a wedge between the different companies offering payment solutions and their customers.
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MasterPass looks like a serious contender in the payment wars that has a few advantages over Apple Pay. A big one is the existing MasterCard payment network. One critical step the company has done is to get the big monster banks including BOA and Citi (NYSE: C) onboard. Notably missing is Chase which is pushing its own Chase Pay solution.
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It looks as if Walmart might become the new leader in the payment solutions industry. One has to wonder how the Apple Zombies will react to that. Will it actually get them to start shopping at Walmart or not?
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Chase has become the first bank to go live with a mobile payment solution similar to Apple Pay; Chase Pay. The Chase Pay website is now live; although the solution itself is not yet accepted in any retailers. Instead the digital wallet supports a number of lesser online retailers; including Harry & David, and 1-800 Flowers, in what looks suspiciously like a beta test.
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