JPMorgan Chase and Co. will update its QuickPay person-to-person mobile payments app because the consumer experience could be better, according to Chase CEO of consumer and community banking Gordon Smith.
"I think it's fair to say that any of you that have used [QuickPay], it is an okay experience, but there's lots of opportunity for us to make it much simpler," said Smith during the two-day BancAnalyst conference in Boston.
Chase already has the plans and design for the new upgrade, which will launch next year around the time Investor Day rolls around. "It's simple for a Chase-to-Chase transaction," Smith said. "We want it to be simple for a Chase-to-non-Chase [transaction]."
The bank would also like to make it easier for QuickPay users to send payments to multiple people, which would be helpful for splitting checks during dinner parties, he said.
Competition flared in late 2013 for P2P payment systems but adoption of these mobile apps has been hit or miss. Venmo, owned by PayPal's Braintree, has seen a significant increase in usage by millennials recently who enjoy the Twitter-like social feed of the P2P app.