JPMorgan Chase to launch mobile phone payment alternative to Apple Pay

JPMorgan Chase  to launch mobile phone payment alternative to Apple Pay

A view of the exterior of the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar

JPMorgan Chase & Co said on Monday it will soon launch its own competitor to Apple Pay that will allow consumers to pay retailers using their smartphones in stores, and it has already won the endorsement of a major group of merchants.

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