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Chase Pay adds Phillips 66 gas stations
(Chase)
Chase and Phillips 66 have signed a multi-year deal for the energy company to accept the Chase Pay mobile wallet at Phillips 66, 76, and Conoco gas stations throughout the U.S., Chase told Business Insider.
Phillips 66, one of the largest fuel retailers in the U.S., joins a growing list of merchants that now accept Chase Pay. This partnership is a strategic one for Chase, as Phillips 66 is an integral part of the Merchant Customer Exchange, a Chase Pay partner.
The fuel company has also partnered with Houston-based mobile commerce provider P97 Networks and will use its cloud-based mobile payments system to begin accepting Chase Pay at gas pumps and convenience stores.
The partnership with Chase will soon allow Phillips 66 customers to make payments through the company's My Phillipps 66, My 76, and My Conoco mobile apps. Chase wants to create a seamless experience for the user by integrating Phillips 66's rewards and loyalty offers, which could cause these customers to form habits around using Chase Pay to earn those rewards.
“We are excited to partner with Chase and P97 to accept Chase Pay at our branded sites, as this will offer our customers a simplified fueling experience – one that enables them to safely and expeditiously purchase our high-quality gasoline on their mobile devices from the comfort of their vehicles,” said Brian Mandell, global marketing president for Phillips 66, in a statement. “This same convenience allows customers to take advantage of our reward programs and promotions without having to swipe loyalty cards or use coupons at pumps and registers.”
Chase Pay has already gone live with several online merchants, and the mobile wallet will be available later this year for Chase customers to use at participating merchant locations and within other mobile apps.
Mobile payments are becoming more popular, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years.
Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on mobile payments that forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption.
Here are some key takeaways from the report:
In our latest US in-store mobile payments forecast, we find that volume will reach $75 billion this year. We expect volume to pick up significantly by 2020, reaching $503 billion. This reflects a compound annual growth rate (CAGR) of 80% between 2015 and 2020.
Consumer interest is the primary barrier to mobile payments adoption. Surveys indicate that the issue is less the mobile wallet itself and more that people remain loyal to traditional payment methods and show little enthusiasm for picking up new habits.
Integrated loyalty programs and other add-on features will be key to mobile wallets taking off. Consumers are showing interest in wallets with integrated loyalty programs. Other potential add-ons, like in-app, in-browser, and P2P payments, will also start fueling adoption. This strategy has been proved successful in China with platforms like WeChat and Alipay.
In full, the report:
Forecasts the growth of US in-store mobile payments volume and users through 2020.
Measures mobile wallet user engagement by forecasting mobile payments' share of their annual retail spending.
Reviews the performance of major mobile wallets like Apple Pay and Samsung Pay.
Addresses the key barriers that are preventing mobile in-store payments from taking off.
Identifies the growth drivers that will ultimately carve a path for mainstream adoption.
To get your copy of this invaluable guide, choose one of these options:
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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of how mobile payments are rapidly evolving.
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