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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.”