Bloomberg: JPMorgan Chase plans to introduce its own mobile wallet in mid-2016. Mobile-banking apps are already used by more than half of U.S. smartphone owners with bank accounts, according to the latest Federal Reserve survey. Chase plans to pre-load cards for 94 million customer accounts “so the customer doesn’t have to do anything but accept the terms and conditions,” Gordon Smith, CEO of consumer and community banking at JPMorgan Chase, said in a keynote at the Money20/20 conference in October. Chase still wants its cards in all mobile wallets, and has decided to support Apple Pay, Samsung Pay and other competing services.
They load our telephones with a pre-approved credit card. That card has orrow (and save) capacity, at Chase. OK, I ge my phone, and this phone gives me the option of activating the card. If the phone has a uaranteed, and protected engine, as proposed by Ethereum, then what happens? No need to co tact Chase, right away, the money is good. The contract, when I agree to terms, that contract is a Javascript, protected and guaranteed to go to co pletion. My telephone knows who I am and can guarantee any information I equest be given over. Chase can just drop off Chase coins i the telephones, then trade the coins for dollars, over the bot network.
But, Chase misses the idea
They cannot get rich on transaction charges, they get rich by issuing virtual credit cards. They can tsylor savings and loan to wealth groups with a commonality, an opportunity for real economies of scale. Monetize that gain to scale, make the gain s available in the savings and loan tree. Different client profiles, different virtual card, all of them readily liquid as Chase is sound; each having its own yield curve.
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