Technology Chase takes on Square with its own contactless payment system
Apple Pay for Sparkasse customers also with Girocard
© Frank May / pa / dpa In future, customers of 373 Sparkassen in Germany will also be able to use their Girocard for payments with Apple Pay. contactless payment is experiencing a boom in Germany during the corona pandemic. Apple Pay, Apple's smartphone payment method, also benefits from this. But at the bakery around the corner, at the parking meter or at authorities such as the citizens' offices in Berlin, you can't get very far with the iPhone or Apple Watch.
JP Morgan Chase is clearly eager to compete within contactless, app-based store payments. It just a Chase-branded Business Complete Banking account with a feature that promises simpler (and crucially, faster) payments for small shops. There’s a reader that supports tap-to-pay, chip and swipe payments along with a mobile app to replace old-fashioned machines. The pricing for the service is just as important, for that matter.
As with Square, payments are flat and transparent — a store pays either 2.6 percent plus 10 cents for every card or tap-based transaction, or 3.5 percent plus 10 cents for manual transactions (such as online sales) through the app. There are no monthly fees for the account if a shop meets one or more minimums for balance or spending, and deposits take place the same day.
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This won’t necessarily make sense for every business, but JP Morgan Chase is betting that the straightforward model and technology will help outlets that just want to get started quickly and (hopefully) turn a profit. It could be particularly vital during the pandemic, when paying with cash is risky and stores may need to handle ato stay afloat.
Whether or not it finds an audience isn’t certain. The Chase payment system has the clout of a giant bank in its favor, but Square has been around for years. The new offering may be a tough sell for businesses where Square is virtually synonymous with payment tech. If nothing else, companies will have choices when they modernize.
Sen. Lindsey Graham faces ethics complaint over call to top election official in Georgia about ballots .
Sen. Lindsey Graham was the target of an ethics complaint after his phone call with an election official in Georgia over how the state counts ballots. Your browser does not support this video Georgia’s Secretary of State Brad Raffensperger accused Graham earlier this week of pressuring him to find ways to exclude or invalidate legally cast absentee ballots and reverse Trump’s loss in the state, an accusation the South Carolina Republican called "ridiculous." Graham said he had also spoken with Arizona's Republican Gov.