In an effort to better its mobile transactions, JPMorgan Chase & Co. invested an undisclosed amount in GoPago, a San Francisco-based provider of mobile payment solutions. The GoPago service allows consumers to use mobile phones to order and pay for local goods or services and then show the merchant a receipt on the smartphone’s screen when picking up a purchase. GoPago will work with JPMogran initially, but plans to open its service to other bank partners. Reuters reported that the venture with GoPago is the latest push by JPMorgan Chase in mobile transactions, following on the heels of developing such applications as Quickpay and Quickdeposit.
JPMorgan Chase Invests in GoPago, a provider of Emerging Mobile Payments Technology
Investment enhances GoPago’s ability to provide mobile payment technologies for consumers and merchants
WILMINGTON, De. – Feb. 23, 2012 – JPMorgan Chase & Co. (NYSE: JPM) announced today that it has invested in GoPago, Inc., a provider of emerging mobile payments technology. GoPago has developed a free smartphone application that allows consumers to browse, order, and pay for local goods and services. The investment, in the form of GoPago’s Series A preferred stock, will support the company’s expansion into mobile payment services by helping brick and mortar businesses modernize to better compete with online businesses.
Consumers can use GoPago to enjoy the convenience of ordering and paying for items or services with their smartphones, which accelerates service, provides exclusive deals, personalizes offers, and rewards customers for their loyalty. Businesses benefit by being able to easily set up mobile storefronts and the rich data and analytics GoPago provides helps them better target special offers to drive sales.
“Chase is committed to giving consumers and businesses a great shopping experience, leveraging the latest advances in mobile payment technologies,” said Jack Stephenson, director of mobile, e-commerce and payments at Chase. “GoPago will allow us to create powerful new value propositions for businesses and consumers. Brick and mortar businesses will be able to provide a more convenient way for their customers to shop, pay and receive targeted offers on smartphones. In addition, our relationship with GoPago will allow us to provide Chase customers exclusive rewards and offers by leveraging our strong local merchant franchise and GoPago’s data and analytics.”
Later in 2012, Chase’s customers will have the opportunity to create a free mobile storefront through GoPago, extending their reach to a broader audience and providing business tools once only afforded by large companies. In addition to the standard benefits of GoPago, Chase cardholders that use GoPago will receive exclusive offers and discounts from Chase merchants.
“Online commerce offers a number of opportunities to local business,” said Leo Rocco, CEO and founder, GoPago. “We are here to help local businesses modernize while maintaining their intimate customer experience. It’s thrilling to be partnering with a financial institution like Chase that is as equally invested in the interest of both merchants and consumers as we are. We look forward to providing Chase’s business customers with an integrated solution that removes the burden of critical business processes and frees them up to do what they’re passionate about.”
GoPago provides a secure cloud-based payment solution where all information is sent over a 256-bit Secure Socket Layer (SSL) connection and verified by VeriSign. All transactions are authenticated by a four-digit pin. The application is currently available for iPhone®, AndroidTM and BlackBerry® (coming soon to Windows® Phone 7), is live at over 50 merchants in Mountain View, CA, and the Hard Rock Hotel & Casino in Las Vegas.
GoPago, Inc., is re-imagining the way consumers and brick and mortar businesses use smartphones for mobile commerce – enabling consumers to easily browse, order and pay for everything from food and drinks to haircuts and dry cleaning, while giving merchants a one-stop mobile storefront that lets them run their business and build customer loyalty. The San Francisco based company was founded in 2009, and currently works with merchants in Mountain View, Calif., the Hard Rock Hotel in Las Vegas and San Francisco. For more information, visit www.gopago.com<http://www.gopago.com.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com<http://www.jpmorganchase.com.