JP Morgan Chase to acquire MCX’s fintech payments to help expand Chase Pay

JP Morgan Chase announced that it has agreed to acquire MCX’s fintech payments in order to help expand Chase Pay, which is the mobile and digital wallet for Chase customers.

According to the release, the transaction is expected to close in the coming weeks. Being a network of America’s largest merchants, MCX fintech was the premier launch partner for Chase Pay in October 2015.

“When we think about ‘fintech,’ we go through a ‘build/buy/partner’ evaluation to decide how we can get to market most efficiently. 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,” Jennifer Roberts, head of Chase Pay, stated.

The members of MCX were already connected to MCX payments technology that has made it seamless to connect to Chase Pay. The executives of Chase wanted to acquire this technology to use in lieu of building separate parallel technology to serve non-MCX members.

“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.

This has become the second fintech announcement for Chase Pay in recent months after Chase announced an investment in LevelUp to bring the ‘order ahead, pay ahead’ experience to customers at service restaurants in December.