JPMorgan intros mobile payments service

JPMorgan Chase plans to start testing a mobile payments service in April using an application from GoPago, a start-up in which the bank is making a cash investment, Reuters reports.

The GoPago service would allow consumers to use their mobile phones to order and pay for local goods or services and then show the merchant a receipt on the phone screen when picking up a purchase.

Consumers can use GoPago to enjoy the convenience of ordering and paying for items or services with their smartphones, which accelerates service, provides exclusive deals, personalises offers, and rewards customers for their loyalty, PE Hub writes.

Businesses benefit by being able to easily set up mobile storefronts and the rich data and analytics GoPago provides helps them better target special offers to drive sales.

“Chase is committed to giving consumers and businesses a great shopping experience, leveraging the latest advances in mobile payment technologies,” said Jack Stephenson, director of mobile, e-commerce and payments at Chase. “GoPago will allow us to create powerful new value propositions for businesses and consumers. Brick-and-mortar businesses will be able to provide a more convenient way for their customers to shop, pay and receive targeted offers on smartphones. In addition, our relationship with GoPago will allow us to provide Chase customers exclusive rewards and offers by leveraging our strong local merchant franchise and GoPago's data and analytics.”