JPMorgan, the largest U.S. bank has said that it is going to launch a competitor product to Apple Pay very soon which will allow the consumers to pay at the retail point using smartphones. It also said that a big group of merchants has already endorsed their product.
JPMorgan is trying to benefit from the popularity of smartphones in every walk of life and many financial analysts are of the view that it will ultimately transform into the one payment solution for every kind of payment by the consumers.
If JPMorgan can figure out the exact formula that can stop people from using their credit cards and instead use the smartphone, then it will be able to get its share of the trillions of dollars that consumers spend with credit cards while shopping annually.
There is no clear runner in this field so far. Rival Apple Pay has been struggling to get more retailers onborad. According to a survey by Reuters in June, two thirds of the top retailers did not accept Apple Pay at that time.
Other companies that are trying to get a share of the market include Samsung Pay from Samsung, Chase Pay and Android Pay.