NFC TIMES Exclusive Insight – Plans disclosed this week by JPMorgan Chase to shut down its Chase Pay app for in-store purchases is yet another nail in the coffin–perhaps the final one–for bank wallets in the U.S. And the situation does not look much brighter for bank-issued wallets abroad.
One by one, major U.S. banks, Capital One, Wells Fargo, Citi and Chase launched their own mobile wallets with fanfare over the past few years, only to quietly shut them down when customers didn’t adopt them in significant numbers. Chase Pay and Citi Pay remain open for in-app and online purchases.
While major Pays wallets from such tech giants as Apple and Google have not taken off as expected, they continue to grow. And more importantly, most consumers have made it clear they have no problem trusting a technology company over their own bank to handle digital payments and increasingly other financial transactions.
