Chase Invests In Mobile Startup GoPago
JPMorgan Chase has made an undisclosed investment in mobile payments service GoPago, whose app enables users to pay for goods and services at local stores.
GoPago (formerly Pago Mobile) rolled out its app -- available on the iPhone and Android and BlackBerry devices -- last August with more than 50 participating merchants in Mountain View, Calif., where it’s based. Consumers can use the app to order and purchase items at local restaurants and businesses including Quiznos, KFC and Baskin Robbins. Users can also get special deals from retailers via the free app.
On the merchant side, business owners use an iPad to receive incoming orders, accept payments and track customer loyalty. GoPago says businesses benefit by being able to easily set up mobile storefronts and gain a stream of data and analytics to help them better target special offers to drive sales. “We are here to help local businesses modernize while maintaining their intimate customer experience,” said founder and CEO Leo Rocco, in a statement.
For its part, Chase is placing a bet in the emerging mobile wallet space. Through the deal, Chase customers will have access to exclusive offers and discounts in the GoPago app from the bank’s merchant partners. Later in the year, Chase business customers will have the opportunity to create a free mobile storefront through GoPago. Chase will also be the exclusive financial services marketing partner of the company.