JPMorgan Chase will build on its developments in tokenization for a digital wallet that it plans to roll out by the end of the year.
While Chase is still moving forward with EMV chip-card issuance and acceptance, "we believe tokenization is the way to attack fraud on the mobile and other online, card-not-present" mediums, said Eileen Serra, CEO of Card Services at Chase, during a lunch presentation on April 17.
Chase Wallet will allow users to store cards from multiple issuers. It will enable payments at e-commerce merchants on the Web and on mobile devices with one click.
Chase Paymentech Europe, the company's merchant acquiring and processing subsidiary, uses a hosted payments page and tokenization to protect data in the card-not-present environment.
Chase plans to focus on developing products and services for e-commerce in the near-term, while taking a longer-term view of mobile point of sale payments, where there is still a lot of debate within the payments industry over which technology to use.
Chase wants consumers to be able to do more with payments, such as digitizing receipts and using multiple device screens to facilitate more advanced payment functionality, Serra said.
With Jot Mobile, Chase' small business mobile app, customers can capture receipts to track, categorize and organize expenses. The company also has a person-to-person app called QuickPay, which is used a lot for rent payments, said Serra.