Chase Pay Vs. Apple Pay; JPMorgan Competes With Apple in Mobile Pay market.

JPMorgan Chase recently announced it will launch Chase Pay, challenging Apple Pay in the market of mobile apps for cash-less payments. 

Chase Pay is partnering with major merchants and retailers in order to expand its reach among customers. According to an article on CNBC, JPMorgan Chase signed a deal with Merchant Customer Exchange that includes chains like Wal-Mart and Best Buy who are on board to accept Chase Pay as a form of payment. 

CNBC reports that the Merchant Customer Exchange earns over $1 trillion in sales a year and have more than 100,000 outlets. 

Apple Pay, on the other hand, has yet to recruit major retails to accept Apple Pay as a form of payment. A report from Reuters suggests that two-thirds of the U.S.'stop 100 retailers do not plan to accept Apple Pay this year. 

Chase Pay actually works to the advantage of retailers who have to pay bank fees whenever physical cards are used to pay. JPMorgan Chase is offering lower fees when customers pay with Chase Pay. Additionally, Chase Pay is offering a high caliber of security which comforts customers previously affected by hack attacks. 

CNBC reports that Chase Pay will first be available for the over 90 million consumers with Chase bank accounts or credit cards. Chase users can also continue using Apple Pay even as Chase Pay is released. 

There is currently no leader in the market of mobile pay apps. However, Samsung is getting in the game with Samsung Pay and Alphabet's Android Pay.