Investor Alert

Aug. 21, 2019, 7:10 a.m. EDT

JPMorgan to close stand-alone Chase Pay app in early 2020

JPMorgan Chase & Co. (NYS:JPM) said Wednesday that Chase is closing its stand-alone Chase Pay app in early 2020, although customers will be able to use Chase Pay in more merchant apps in the coming months. New customers coming on board include Grubhub (NYS:GRUB) , the bank said in a statement. Eric Connolly, head of Chase Pay, said customers are using the Chase Pay button on merchant websites and in apps more than ever. ""So, we're shifting our focus to expand Chase Pay's presence in more merchant apps and websites," he said. Chase has 51 million digitally active customers who use Chase-issued Visa debit and credit cards, including at Starbucks (NAS:SBUX) , Shell, United (NAS:UAL) and elsewhere. JPMorgan shares were up 0.6% premarket, and have gained 10% in 2019, while the Dow Jones Industrial Average (DOW:DJIA) has gained 11% and the S&P 500 (S&P:SPX) has gained 16%.

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