Chase agrees to purchase MCX technology
JPMorgan Chase intends to acquire MCX payments technology to help expand Chase Pay, the FI's mobile and digital wallet, according to a press release.
MCX, a network of America's largest merchants, was the premier launch partner for Chase Pay in October 2015. The transaction is expected to close in the coming weeks.
CurrentC, the mobile wallet associated with MCX, never got past a one-city pilot; problems mounted for the platform from its very beginnings in 2012. MCX last year announced the indefinite delay CurrentC and laid off 30 employees.
"When we think about 'fintech,' we go through a 'build-buy-partner' evaluation to decide how we can get to market most efficiently," Jennifer Roberts, head of Chase Pay, said in a statement. "MCX has been an important partner, and their technology complements ours, so we're thrilled to deepen our relationships with the merchant community through the purchase of this technology. This will help us get to market faster."
Chase Pay launched in November 2016 with a handful of merchants, including Best Buy. Other MCX merchants such as Wal-Mart, Shell, Phillips 66, and Wakefern plan to enable Chase Pay as a payment option over the next year or more.
"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," Brian Mooney, CEO of MCX, said in a statement.
This is the second fintech-related announcement 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 quick service restaurants.